Financial Times , 1982, UK, English

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PUBLISHED IN LONDON AND FRANKFURT

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no. 2s,735 Saturday March 27 1982 *(rgop

CONTINENTAL SELLING PRICES; AUSTRIA Sch. IS; BELGIUM Fr 30: DENMARK Kr -6.00; FRANCE Fr $.00: GERMANY DM 2.0; ITALY L 1.000: NETHERLANDS FI 2.2S; NORWAY Kr 6.00; PORTUGAL E3p SQT . SPAIN~PtS

SWEDEN Kr 6.00; SWITZERLAND Fr 2.0; EIRE -Up: MALTA 33c

ts

Stock Exchange ^
commission; ^
How it affects you Jll

John Jjgf
Mortimen^S

A summing up

W AFTER HUHEAD: P™

A real three-horse race

SHERRY:

Why the Spanish barons
are nervous p.u

^ p.15

Valentino:
A legend
for sale

y Murder in the
squash court

OXFORD’S CHANCES ON

THE TIDEWAY p.15

NEWS SUMMARY

' * iii T •

^ ‘ ■ranr

f ujhicowst

GENERAL

Chinese
rebuff
Moscow
thaw plan

China yesterday rehnffPd the
Soriet Union's latest attempts
to improve the relationship be-
tween the two states.

The Chinese Foreign Minis-
try said China had noted re-
marks made by Leonid
Rrc*hnev, Soviet President, in
Tashkent on Wednesday, but
■•pierted his attacks on China.

The statement made it clear
•*vn China finds it difficult to
nrcommodale Moscow’s jaeace
proposals while the two coun-
• ries differ over a ranee of in-
ternational issues. Back Page

Poles jailed

Civil courts have sentenced 275
to jail for illegal trade union
and opposition activity in
Poland. Another 50 cases are
pending. Farmers mowed to
own more land, Page 2

Canada ceremony

The Qnepn will visit Canada
from April 15 to IS to hand over
the new constitution, severing
the country s last legal ties with
Britain.

M6 death crash

,Tbp driver of tin articulated
lorry carrying sh^ep w ?.•> killed
in a crash on the MB. More
than 50 animals died.

Water protest

About 200 residents from
Llandovery. mid-Wales, handed
back bills ■ to the water
authority, demanding charges to
be cut to the level, of those in
England.

Peace march

A Danish peace campaigner
said Soviet authorities had given
permission for about 250 people
tn stage a peace march in the
USSR this summer.

Tree plan

China is to plant 2Jhn trees this
year as part of a 4.400 mile
defence against Siberian winds.

Lip ‘restored’

Surgeons in Northern Ireland
stitched back a leenage girl's
upper lip after her pet dog bit
it off.

Rubik challenge

The first Rubik cube world
championship will be held in
Budapest on June 5.

‘£5* video trap

Flying Squad detectives seized
forged £5 notes with a face value
of more than £2m after video-
recording a gang's activities in
London. Five of the gang were
jailed for a total of 29 years.

Telegrams cut

The inland telegram service,
which began in 1870, is being
closed ir. October. Page 3

Summer time

Summer Wine starts af 1.00 am
tomorrow. Clocks go forward an
hour.

Briefly . - -

Test tube twin hoys— conceived
in the UK and hnni in Canada —
were “ fit and well.'”

Hume Office celehrales its 20l)tli
anniversary. Page 4

BUSINESS

Equities
drop 2.2
gilts
off 0.22

• EQUITIES; the FT 30-sharc
index closed 2.2 off at 557.7, a

CHIEF PRICE CHANGES YESTERDAY

(Prices in pence unless otherwise indicated)

f Saucers
ji .Security
I / Sothehy

If Umteeh

I J Weir Gr

. ! F eii ...

RISES

Asscd Fisheries ... 73 + 5

Automated Sec* ... 205 ■+■ 13

Cambridge Elec 130 + 6

Capita? and Cnlic.s JSO + 4

Cell ii- Haven 53 j + 3 1

Clirislies Inlnl ... 144 + 6

Clay (R.l 4S + 5

Finlan iso + e

Firth (G. M.l 206 + R

Inter-City .63 + i

Low (Wml 202 +

a4 + t»
161 + fi

^ Centres —

Sothehy PR + 30

l* ml cell — ® + IS

Weir Group .*« + n

pp 302 + 6

Clvdc ret P2 + 7

Flair Resourres ... 142 + 20

indicated)

Shell Transport ...

FALLS

FICC

Bemrose

Executes

Glasgow Pavilion ...

ICI

Manson Finance ...

Metal Box

Racal Elec

Saga Holidays

Sco terns

Somponex

Sun. Alhance

Unigate

Youghal

De Beers DFd

Durban Deep

UTZ

Vogels

37S + 6

318 - 7
6S - 5
7-3
32-6
312 - 8
63-9
160 - 14
373 -5
150 “ 6

90-8
98 - 10
852 - 8
92-4
4-2
221-5
559 - 23
413 - 5
60-10

Saudis threaten oil
companies on Nigeria

BY RAY DAFTER, ENERGY EDITOR

SDP and Liberals
hack Jenkins for
Alliance leadership

loss of 5 points on the week and

9.2 on the Account Page 24

9 GILTS: the Government Sec-
urities Index lost 0.22 to 68.91',
a three-day fall of 0.86 from
Tuesday's 11-moath high. Page
24

9 WALL STREET was . 9.14
down at 818.49 near the close.
Page 20

9 STERLING J«st-R5 -points on j
the day to. .close in I<rr^nn at
STTi&nx It slipped In DM 4 .285
(DM 4.305), SwFT 3.4225 (SwFr !
3.425) and FFr 11.185 (FFr
11 J). It rose to Y442 (Y441).
Its trade-weighted index
dropped to 90.9 (91.4). Page 23

• DOLLAR rose to close in
London at DM 2.3945 (DM
2.3915), SwFr 1.9125 (SwFr
1.903 and Y247 (Y245). Its
tradeweighted index rose from

115.2 to 115.7. Page 23

9 GOLD fell 34 in London to
close at 8323. In New York the
Comes March close was $322.1
($326.4). Page 33

9 BELGIUM and Luxembourg
agreed to strengthen their
monetary union, resolving a rift ,
over last month’s devaluation of
their common currency. Page 2

9 CHLORIDE threatened legal
action over BL’s decision to
award Lucas the sole contract
for 500,000 car battpries a year.
Meanwhile, Lucas is seeking aid
from the UK. and French
governments for a. project with
Ducellier of France io increase
European sales. Back Page

9 BRITISH AIRWAYS will
save £15tnn in the coming
financial year as a result of,
retrenchment. Page 4

9 METAL BOX is to close
three more factories with the
loss of 1,200 jobs. Page 3

9 BASF, the West German
chemical company, improved
pre-tax profits to DM 1.29bn
(S540ro) last year, from
DM L27bn. Page 21

0 M P KENT, the property
development group, has doubled
the cash element of its bid for
Federated Land to 20p per
share. It now values Federated
at £16.96nu Page 18

& ROBERT MAXWELL’S Pcr-
gnman Press has agreed terms
for the acquisition of E- J-
Arnold and Son, the Leeds pub-
lisher. but no price was
announced. Page 18

9 STOTHERT AND PITT, the
engineers, reported reduced tax-
able Josses of £529.000 (£1.05mt
for the six months to December
31. Page 18

SAUDI ARABIA is threaten-
ing strong sanctions against
international oil companies
which are cutting shipments
from Nigeria, according to re-
ports from within the
Organisation of Petroleum Ex-
porting Countries.

The Saudis are said to have
warned companies they may be
blacklisted by Gulf producers —
and possibly Opec — if they do
not increase liftings from
Nigeria.

Such a move could severely
restrict oil supplies to companies
like Shell, Mobil and Texaco.
Other leading buyers of
Nigerian oil include Gulf. Agip
and Elf.

The action, if carried out,
would be . a dramatic attempt
by Saudi Arabia and its Gulf
allies to protect the Opcc pricing
structure, based on a reference
price of $34 a barrel, agreed by
the organisation in Vienna
earlier this month.

Nigeria is considered bv the
oil industry in be the weak link
in Opec’s fragile agreement.
UndeT the pact Nioeria sells its
oil at $35.50 a barrel — some $4
a barrel r*-»r? than the price of
similar- oil produced by com-
panies operate in the Ncrth
Sea.

The pricing difference moans
Nigeria is having trouble find-
ing buyers. Its output is

reported to have fallen from
around 1.3m barrels a day
earlier this month io some
630.000 b/d at present. There
has been speculation in the oil
market that Nigeria would soon

THE NIGERIAN Government
has tightened its import
squeeze by restricting the
validilv of permits granted to
importers for making foreign
exchange payments. These
form. M permits, normally
valid for a year, will .now
only be vaild up to the dale of
shipment specified -bv (he im-
porter in his application.

be forced To reduce its price to
prevent a furie.r erosion' of its
sales.

According to the authoritative
publication. Middle East
Economic Survey — a newsletter
close to leading Saudi cil
interests— Saudi Arabia in*, or
is about to. issue a three-point
warning t,j Nigeria’s major
cu ,c !rmers.

If by Monday the companies
did not agree to restore their
Nigerian liftings to the level of
earlier this month they would
face:

9 The cancellation of crude oil
supply contracts and entitle-
ments by Saudi Arabia. This
would affect companies with

major- Saudi interests — such ns
Mobil and Texaco who are mem-
bers of the Arabian American
Oil Company (Aramco) and
others, like Shell, which are
currently building up their,
commercial ties with the king-
dom.

9 A ban on supplies of Saudi
crude oil to companies which
did not have contract arrange-
ments with the kingdom.

9 Extending the black-listing
to other Gulf slates and pos-
sibly Opec. According to the
newsletter Saudi .Arabia has
already contacted Kuwait and
other Gulf states to gain sup-
port for this action.

The Saudi Government is re-
ported to have blocked a deal
involving Pet-romio, ihc state
oil corporation, and Shell.
Under this deal, which was just
about to receive Government
aproval. Shell was tn have
acted as an intermediary in a
supply rsreemem between
Saudi' Arabia and a European
government.

Opec reports confirmed yester-
day that Saudi Arabia might
also cut its production rate even
further, below the present ceil-
ing of 7m b/d, in a bid to
restore the worldwide supply
and demand balance.

Middle East Economic Survey

Continued on Back Page

BY PETER RIDDELL. POLITICAL EDITOR

censures

BY JOHN MOORE. CITY CORRESPONDENT

THE PANEL on Takeovers and
Mergers has said that the Lon-
don office of a leading firm of
Australian stockbrokers is “de-
serving of serious censure"
following the purchase of
925,000 non-voting shares in
.Associated Communications Cor-
poration.

The Panel reached its con-
clusions about tbc London
office of Potter Partners after
studying how ACC shares had
been purchased at the begin-
ning of this month.

Potter .Partners and bought
the shares un behalf of Mr
Robert Holmes a Court, the
Australian entrepreneur, who
is seeking to take over the
troubled entertainments group.

Under the rules of the Take-
over code, the purchase of the
shares was required to be
revealed not later than midday
the day after. Moreover, if the
bidding company was to buy
shares at- a higher price than it
was offering shareholders, it
had to raise its bid immediately.

The purchase was made
through TVW Enterprises, an
Australian television company
and associate company of Mr
Holmes a Court's roaster com-
pany. The Be41 Group.

The Panel concluded that as
Bell and TVW did not announce
an immediate higher offer, they
were in breach nf the Cnde.
They had also cercrnittpd a
breath through selling 50.000
non-voting shares in ACC v/ith-
out seeking the permission of
the Panel executive.

These breaches "were not
found to be deliberately made,
but did reflect a culpable failure
to ensure that the requirements
of the code were being met."

Neither TVW nor Bell were
using financial advisers in
London. Had they done so “ the
Panel have no doubt that the
breaches would have been
avoided." .

The Panel found that " the
London office, largely inex-
perienced in mailers relating to

transactions in UK securities,
certainly where a takeover bid
is involved.”

A partner in London has
accepted that he -was unaware
of the contents of the Code
"and was not • sufficiently in-
formed as to his responsibilities
and obligations as a licensed
dealer in securities."

The Panel held such a failure
as “ indefensible." If they had
had a proper understanding of
the situation when they were
acting on behalf of TVW. they
would “ certainly have pre-
vented .their principals" from
breaching the Takeover code. It
has dismissed an appeal by
Potter Partners.

Potior Partners, not a mem-
ber of the London stock
exchange, bad purchased the
shares through London stock-
brokers T. C. Coombs. Stock-
brokers are obligor under the
code to establish whether their
client is an associate of the
company making the bid.

MR ROY JENKINS will receive
the unanimous backing of both
the Social Democratic Party
and Liberal leaderships to be-
come the leader of the Alliance
and potential Prime Minister
following his success in the
Glasgow Hillhead by-election.

There is. however, disagree-
ment within the SDP’s Gang of
Four about whether he should
also be the leader of the SDP.

Meanwhile. Conservative
Party leaders were trying to
put a brave face on the Hill-
head result by claiming that
the parties’ electoral fortunes
were starting to improve.

Mr JeDkins* victory forces the
Alliance to sort out its leader-
ship. Mr David Steel, the
Liberal leader, has made it
clear that lie would like this
decision to hr as soon as pos-
sible. Mr Steel. Mrs Shirley
Williams. Dr David Owen .and
Mr Bill Rodgers ail agree that
Mr Jenkins should lead the
Alliance.

There are strong pressures
in the SDP to bring forward
the election of the party leader
(us opposed to the Alliance) lo
this July, the earliest practic-
able date, to avoid further
i speculation.

This was provisionally agreed
at a meeting of the party’s
National Steering Committee
earlier this month but deliber-
ately kept secret during the
by-election campaign. However,
the party’s draft constitution
says the election will be in
November.

The committee will discuss in
J " wbe ..-tcri-iho- - constitu-

tion. which is due to be con-
sidered by a persona) ballot of
members next month, should
include an amendment to per-
mit an earlier election.

There is the further compli-
cation that some SDP leaders,
notably Dr David Owen,
believe that Mr Jenkins should
not combine the jobs of lead-
ing the Alliance and the SDP.
Mrs Williams is also believed
to have . some doubts on this
socre. But most of the other
Alliance leaders agree that the
leadership should not be split.

Dr Owen thinks that if Mr
Jenkins held both posts there
would be a danger of blurring
the identities of the two parties.
He wants to keep, the parties as

separate partners ami believes
Mr Jenkins wants excessively
dose ties which might lead tn a
merger.

Dr Owen is also known lo have
considered contesting the SDP
leadership. In a speech yester-
day he developed his view that
the SDp should make a special
effort to attract Labour voters
in order lo build up its political
base by emphasising its radical
policies.

Conservative Party morale
appeared surprisingly buoyant
yesterday at the start of the
two-day Central Council meeting
of party activists in Harrogate.
This was despite the loss of a
seat held by the parly for the
last 64 years.

Mr Cecil Parkinson, the party
chairman, claimed tha( there
hart been a steady shift in public
opinion since last Decemhcr
Inwards the Conservatives. The
•ST)P h"d had in struggle hard Id
win. The SDP had a much
smaller share of the vote and
lower swing from the Conser-
vatives at Uillhe-d than at
Crosby last Novemher. he said.

Looking ahead to the Bcarons-
field by-election in the summer
Mr Parkinson said that, on the
Hillhead trends, the Conser-
vatives would definitely hold
the seat. He referred to the
party’s success in beating off a
Liberal challenge in two local
council by-eleclions in the area
last Thursday.

Mr Denis Healey, the Labour
deputy- leader, described the re-
sult as disappointing and said
that ihe activities of Militant
and the far Left bad been part
of the problem in winning new
voters over lo Labour.

There were signs yesterday
(hat Right-wing Labour MPs
would argue that Labour's fail-
ure to deal with Militant had
contributed to its conti rated in-
ability to win by-elections
Glasgow belongs lo a Welshman.
Page 3; Conservative Cenl ral
Council meeting. Page 3: Poli-
tics Today. Page 16

£ in New York

— i Mar. 25 I previous

Spot S 1.7895-79 10 K 1.8015 8030
1 month 0.19 0.23 pm 0.17 0.22 pm
3 months 0.74-0.79 pm 0.60-0.65 pm
12 months 2.45-2.55 pm .8.20 2.35 pm

Hillhead
victor
rallies
the troops

By Mark Meredith.

Scottish Correspondent

A JUBILIANT Mr n«y
Jenkins vest ml ay railed for
further miccpvus l»> the Social
Democratic Liberal Alliance.

Determined not to lei the
momentum of victory flat
after his by-election success,
Mr Jenkins urged Ihe two
parlies lo prepare for local,
regional and national
elections.

Hillhead, he (old the Rrnt-
tish Liberal Party annua! chin
ferenee at Sf Andrews, hart
shown “ we were not the soft
option. We were the real
possibility of an alternatin'
government.

“Together nr are fonnirt-
able."

Mr Jenkins had driven to
St Andrews from celebration;
lasting until nearly breakfast
time in Glasgow.

Awaiting him ihcre was a
warm welcome— as well as a
nudge front Mr David Steel,
the Liberal leader, fer tin*
Social Democrats to rnntr to
grips about who will lead
(heir party.

Mr Jenkins told the con-
ference that ihe Alliance
was not one of opportunism.
“We are a partnership of
principles because w»-
Liberals and Social Drnio-
crals agree wilh each other,
not on every dot and comma,
hut cn all tile main issues
of politics more spon-
taneously than the differing
wings of either Labour or
the Conservatives.

** At a time when everyone

else is pullin': in m exlrc/H
direction vV’ber it he
extreme monetarism e r
Marxism, we can e.ffer n
message of something unique,
a new deal of sense and hoK
an-* modern lion."

nc urged the two parties to
put behind litem any mutual
susnicions.

“ I believe we are well on
Ihc road. If we let it slip nn«--
we would not forgive our-
selves — and the British pub!*-
would not forgive us cither."
he said to a standing ovation
by the 500 delegates.

Earlier, Mr Steel repeated
his claim that there was n«rv
no ' such thing as a safe
Conservative or Labour sent
in the country.

He said an Alliance

Continued on Back Page

/V "V -V

Extra company car tax planned

BY ROBIN PAULEY

MORE THAN 500,000 "people in
Britain wilh company cars face
ar\ extra 20 per cent las on the
perk next ytar — in addition to
the 20 per cent rise due from
next week.

The taxes apply to people
earning more than £8,500 a year
and who have company ears for
private as well as business use.
The way in vbich free petrol is
taxed will also chance next year
so that anyone in that category-
supplied with free fuel for pri-
vate motoring will be liable for
tax. no matter how the fuel is
provided.

At the moment the Inland
Revenue treats free fuel
differently, depending on
whether it i-» provided on the
company site, paid for by com-
pany credit card, charged lo a
company account or paid for in
cash wilh the company
reimbursing the car user later.

The changes were announced
by Sir Geoffrey Howe the
Chancellor, in a Commons
written answer yesterday and

Appointments

Arts

Books Paso

Bridge

Cnees

Collecting

Commodities

Comport/ Nows ...

Crossword

Economic Diary ...
Entertain. Guido . .
European . Options
Finance & Family

FT Actuaries

Foreign Exchanges

AMOUNT ADDED TO TAXABLE INCOME (£)

Engine

capacity (cc)

1300 or less
1300-1800
over 1800

For use of car For free fuel*

Car under 4 Car over 4

Years old years old -

1983-84 (82-83) 1983-84 (82-83 ) 7983-84

325 (270)
425 (360)
450 (540)

225 (180)
300 (240)
450 (360)

'currently taxable only under certain circumstances

will mean that from April 1983
the user of a 1600 cc Ford
Cortina supplied with free
petrol will have to pay tax on
£425 for the car and on a
further £425 for the fuel. The
tax bill of a basic rate ' tax-
payer would rise by about £6 a
week.

The top payment for a direc-
tor paying 50 per cent lax on
the top slice of his income and
driving a luxury car which cost
£21.000 or more would be about
£22. a week. The tax is expected

— — CONTENTS — —

to provide the Exchequer with '
about £100m overall in 1983-84.

Sir Geoffrey also announced a
major concession to employers.
Proposals lo make companies
responsible for working out how
much tax to deduct for car
perks have been scrapped. This
follows companies’ complaints
about the extra burden.

The Government also an-
nounced .vesterday that, as ex- ,
Continued on Back-Page
Finance Bill details. Page 5;

Lex. Back Page

Major changes in the U.S.
banking system are now
proposed which promise highly
profitable returns to investors.

Until now, American banks have not been
allowed to operate across state boundaries. If this
' restriction is lifted , then a large number of _
takeovers could be expected amongst the 15,000
banks currently operating in the U.S. A. This in
turn would bring immediate opportunities
to shareholders.

Save & Prosper Financial Securities
Fund invests in financial shares, currently with
particular emphasis on smaller American banks
which the Managers believe will be the subject
of numerous takeover activities. To purchase
units complete and return the coupon, together
with your cheque.

The price of units and the income from them
may go down as well as up.

**inl 98 l

Dealing in unin Unite nw mentally be boasht
nr :<uld w any mfcniff day. Crmftcatr' will
noraa)1>-hf Inrwardpri aiihin U Wrn mete
arc wid IncUu ihc .\|ana£ci? . rorott is rra&ally

raadr wiLhm 7 of our riYcningntHwwci

crroficat uv The i/tftr prut w'-Mth Mirth tiJcZwas
107.4 P and ihc eshmMrd jpr>;, Martins JV-H was
— IS 17 ! pji_Tnc jncTi and vrli. me qu >lcd daily a
ihe Lfculy Tetrcnrph and Financial Timcj.

IS cl income dhirihuiioas 15 ih Jammy and
J.ith Juh- c.tc!i \ car.

Chow* Initial ctn or; 3 '«"a{Aie iwi*
ndjiBf.-miK m< ra-erriing ihc hinrr n; 1 ’l n LUJp
pcrumi.KcRvRKralimiainuna^aiuhk r:i
request will hr pud tnaulhorcvcl iwccmohI
adviser.. Hilinadv clurgr. XfT* pfas VAT nhff
Tnr l IVrrl pen,!! 1 .-- dn» MibcmcnM-cd (,« 1 ■'“l plic.
VAT i T7t-. ihxcc i-< dcducl'-H horn i (■*.■ 1‘iaii
a- -cL* in mret Managers' rqcur. Aiding

TnMec-.fwv

Traded nplionx StatnW :n imk
• anmnn has tx-cn nbuuvd h '.he Kiaid in deal a
leaded npimti- on rccrga^cd i"P«irjr_. w
nchwiKPS.

Safeguard* Thr inio i< aulfonsed ty tim
NOTBtty ol Sole i nr Trade.

Trrlre The Renal Rink n[ >onla-^i pic.
Manager* Kace & IVn^ier Srrunm-i Lid.

A trial St.Hrfen*. burimEQF'GEP.TeklH-aSl
BBK*. A. membra a ihc L'nfcThia. Avwumi.

4

Gordon mg

15

Sport

15

Your Savtng*/lnv. .

8, 9

14

Horn IO Spond It .

13

SE Week - * Deals.

13

Week in the Mkis.

6

12

21

Stock Markets:

Basil Lending Rates

13

Leader

1G

London

24

Building Soc. Rales

12

11

16

Wall S Irene

20

Local Auttiy. Bonds

13

15

28

Bourses

20

21 ’

24

Travel

11

ANNUAL STATEMENTS

2S

TV and Radio

14

Alliance Tat.

7

14

. Minina

6

UK News;

Nationwide

17

To: Save & Prosper Securities Limited. -I < Treat St. Helens. London EC3P3EP.
Tel: 01-354 8S99. Reg. in England No. 78S728. Reg. office as above.

Money Markets ... 23

Mowing 11

Ovoissas Him ... 2

. Pro party 10

Racing _ 15

Share Information 26. 27

Labour ....
Unit Trust*:
Authorised
Other* ....
Woalhor ....

OFFERS FOR SALE
Sava and Prosper 1

Fremlington 7

London Life B

Towry Law 8

‘Isibir.iine-JC

(minimum uiinal mw.-lmmi LSVra Sa\e
& Proper riiuiu'ialSci-unlic. Fund. I. niL;

mltbe.illivunM.it Ulr fjuoJerl oiler j*nc-.

1 civil*- n rh.-rpic DtvV.- payable loSnc
& Prcwpn Secure*- Limned.

1 smild like diiinbuUrob d mumc lu bo;
nmw hd 1 w

Mi'Jdin-ii inrnytnnk l.'.or

bjr cheque to m>wl£ ~

(ptracouck)

1 am piwt 1H.7EU artrr £c so tafpl&cbir Ji
ir^idmL. efthr Repul-tu a JtfleiuL

Fu ji Named 1 C APS PLEASE
Surname Mr.MrVMci

Exntinn aV No. (i I any i_

unwT

For Idlest Share Index phone 01-246 8026

-AST

OVERSEAS NEWS ^

Financial Times Saturday March 27 19S2

Duarte and * EC ®*™»r conflict

d’Aubuisson West G

run level on BY JONATHAN CARR IN BO?

Ayn WEST GERMANY has made

C V v Ol TfOll clea r to France it does not

Rv - support any effort to twin* in

By K-igh crShaughnessy in higher European Community

“ n Saivzdor farm prices by a majority vote

THE CHRISTIAN Democratic B rSSi M v

Banv. led bv PrMidont Tnca Germans have also

Napoleon Duarte and the S d -° *5?* Want

treme right Arena party hraded IL 5 farm pITCes nse by m0Te
by Major Romo fSSSSt ££ *£25

are running neck-and-neck on ““ year, although France
the «e n f S°”r S” ™>*s a markedly higher

« *■££»«£ ssw'M-i.rs
sySsfisnsraa aar.as-srs

West Germans reject French plan

BY JONATHAN CARR IN BONN

WEST GERMANY has made —
clear to France it does not J ,
support any effort to bring in Jobs package
higher European Community » . ,

farm prices by a majority vote lUndlUff refused
against Britain. _ °

Ihe Germans have also Rnnapcwt
stressed that they do not want JSSSS
to see faim prices rise by more Parhament, yesterdaj

ttan an average of 9 per cent ? V *L SLJ y,?
this year, although France I^^EL SSSi.
wants a markedly higher iKSLft

Helmut Schmidt

The Christian Democrats are French Prime Minister,. M Pierre

expected to achieve a small
overall majority in a verv low
poll tomorrow, but their hopes
of continuing in office may well

Mauroy,

The Issue .is of major, impor-
tance because Britain is tying
its accord on farm price

be ups^ if Major d’Aubuisson’s T i “ re t ases 'V^evauept of . a
ernunina ._ S I long-term deal reducing its

annual contribution to the EEC

grouping is able toform an
alliance with four smaiipr

with four smaller =!

nftac+fnsT +*,« OUugeU

The West German
Buadesrat, the upper house of
parliament, yesterday rejected
a rise of 1 per cent
in Value Added Tax to 14 per
cent from which the Govern-
ment had planned to finance
a key part of its new job
creation programme, our
Bonn Correspondent writes.

The Social Democrat
(SPD) -liberal Free Democrat
(FDP) coalition Government
will sow have to seek other
■means of paying for the pro-
gramme, which envisages
State expenditure of
DU 12.5hn (£2.9bn) to 1985.

parties contesting the polL

San Salvador Remained rela- L 5L ot 5f r f ates ca ^ Ld 1° str * ss understanding for

battle tank, on which President
Francois Mitterrand has placed
great personal emphasis. -

However, the Germans are
also keen to try to limit EEC
farm expenditure— and want to
stick to a 97 per cent price in-
crease although German
farmers, as well as French, are
pressing their claims for more.

Besides putting the French
case strongly to Herr Schmidt,
M. Mauroy is also understood
implicitly to have repeated the
threat that France might have
to resort to national m eas ur es
if no satisfactory farm price
accord could be reached very
soon.

M. Mauroy made dear that
France would consider such
action only as a last, regrettable
resort, but that a “fair" farm
price was *• indispensable.”

Despite these conflicting

tively calm yesterday with no i farm pr ^ *5“* domestic problems, views. West Germany remain!

electioneering allowed. Soldiers a ma30r ? ty wturt 1 have been dramatically hopeful that the farm price and

Herr Helmut Schmidt
and world economic, recession

turbance.

stood to feel that this move Herr Schmidt is also making Monday and Tuesday.

pected 1
conflicts

Bonn that the EEC
wiH, therefore, be

Council meetings which are dub
soon.

nearest the capital though his ouncuiueB. operation — aoeve an to further national “double crisis"— o>..nS j

advantage is likely to be Tbe Gennan is at pains the bilateral project for a new embracing East-West relations soon. “* duc

whittled away by the strong

support for President Duarte's • " 1

Chri stian Democrats in the __

ESrSS EEC farmers win backing for rise in prices

era tic agrarian reform scheme. ™

- Anatole Kaletsky in Washing- BY LARRY KLINGER {N STRASBOURG

support for the Government in pean Commissioner for Agricul- Commission nor the EEC mem- virtually nnh

El Salvador after tomorrow's «“ while he was her states. However, iTcLi p£- grouSS* t? o^LS S

elections will depend on the new 2“JSL®S5*L fariaers demands hardly surprised by the farm vide psychological ammnnitinn .v 0pp< S®__9 ie

EEC farmers win backing for rise in prices

AT and T to
fight
anti-trust
law change

By David LasceHes in New York

AMERICAN Telephone and
Telegraph (AT and T) has
vowed to mobilise Its entire
1m workforce and 3m share-
holders to fight legislation
proposed In the House of
Representatives which would
alter the terms of fts recent
historic anti-trust settlement
with the Government.

The giant utility, which
itself described the move as
H unprecedented.” said the
legislation was “ Ill-timed and
ill-conceived " and was being
stampeded through by a well-

financed propa ganda ram.

paign to break up the Bell
system still further — strong
words for the normally placid
telephone company.

The legislation, which
. passed the House . Telecom-
munications . Subcommittee .
15-0, aims to dismember AT
and T beyond the terms of
the settlement reached with
the Justice. Department last
January.

While the settlement hiqie-
ally required AT and T to
pull out of the local tele-
phone business in return for
new freedom to move into
unregulated businesses like
data processing, the BUI
would force It to set' up a
separate subsidiary to handle
long dlstanco business.

Reagan to cut
off funds for
East-West body

BY DAVID BUCHAN

PRESIDENT Ronald Reagan
has decided to cut off all UjS.
Government funds next year for
the International Institute for
Applied Systems Analysis
(Iiasa), on the grounds that the
Soviet Union, the other major
partner in the East-West com-
puter research organisation has
u abased,” and drawn unfair
benefit from the institute.

Mr Reagan has also concluded
that official U.S. support for
Iiasa would be incompatible
with current U.S. sanctions
against the Soviet Union.

Iiasa, set up in 1972 at the
height of the detente era, has
now been caught in the new
political crossfire between East
and- West Some ZOO scientists
at the' 17-nation institute in
Vienna use computers to tackle
long-range problems like food
and energy scarcity. Soviet
scientists get no classified U.S.

President Reagan

secrets this way, but liasa’s very si milar to a second letter
hook-up to computer networks from Dr George Keyword, the

in the UJS. provides them with
valuable access to the latest in
computer methodology.

The Reagan decision is a
heavy blow to the Vienna-based
institute.- which currently gets
$JL2m (£l-2m) a year from the
U.S. The Soviet Union pays an
equal amount, am* the other
half of the Iiasa annual budget
comes from smaller contribu-

White House scientific adviser,
to Dr Frank Press, bead of the
National Academy of Sciences
in the U.S.

Dr Keyworth complained of
“ Soviet abuse ” of the institute
and “Jack of reciprocity" in
the benefits of its work. These
references are believed to be
to an incident last year In which
liasa’s Soviet secretary sudd eitU'

economic justice,” Mr Alexander

• Haig; the U.S. Secretary of

• State.

election, the State Department
has been warning throughout
last week that it expects any
new political leadership in
El Salvador to carry on with
.the social, economic and human
rights reforms begun by Presi-
dent Duarte.

Dacca takeover
could prejudice
essential aid

By Richard Cowper and Saycd
Kaxnaluddin fn Dacca

MARTIAL LAW, imposed in
Bangladesh by army chief
Lieutenant General Hossain
Ershad earlier tins week, could
create grave abort term finan-
cial difficulties. The country's
economy is already suffering

— rie said mat me raniammt nses at next week's negotia- servatives, and a loose allianrp

tjc c — . — - In another demonstration of ^ y ^ nt ^ adl( ^ ed Jf* ^r 0n ? the Ten’s Agriculture of northern European socialists

1116 U,S ' Secretai y of ^ inconsistency over foreign redressing the Min isters. Including members of the

® tate \ policy, the Parliament voted by ba . 5anc ^ ta EEC policy but had t. , , - British Labour Party

-Amid growing concern that 135 to 107 with ten abstentions, rejected many Commission pro- Mr Dalsager estimated that a -mnir r . ..f 8 ?'
the Arena Party may win the for a standard 14 oer cent riS P 053 ^ which had taken account mcrease would cost fratrakon became pro-

‘ ‘ ’ ga*£mt*£ pri<££ Atto! 01 Parliamentary deci- the EEC about £745m more than “Jgjj “ ««« .after

nJnSSTf _ the ^mmission's proposals, a provoking_ a

for a Standard 14 ner cent rim posais wmen nad taken account V raiL wouia cost »/cv.,mie pro-

in guSSS pri^ At ^he 01 eafher Parliamentary deci- the EEC about £745m more than “ i unenfimeot after

sions. the Commission’s proposals, a amendment filled, provoking a

tion quotas and^axeTon surplus He dear, however, that' figure that commodity analysts Shiii/LSJh poi f t «i2? m ■ the
production, calling for restric- yesterday’s decision would make “Y could be a senous utiuer- T?5?E| , !f n ( !?®? 15111
tions S ^riSlt^I ^p^ n .° Terence to the Commis- world prices were ^ ^ ? “tter

^ p sion’s proposals on farm prices, *° f? Co ? a „ fi®*^ 121 ^ its interests

In the only significant rejec- which call for a standard 9 per Consim.**- ^ ^ through,

tions of farm lobby demands, cent rise for most major com- the ^SlLmenr^ ™ et ’- ? these PoUtical

fha .1 .... . . UlC jraTlia irlRn t S DrODDSalS em ininac 4-ha

XJ.S. Defence - Secretary
Casper Weinberger yesterday
told Mr Soichiro Ho, the
Japanese Defence Minister,
that the U.S. was pleased with
Japan's plans to Increase mili-
tary spending by 7.75 per cent
this year

tlon by the institute’s 15 other resigned amid allegation that
member countries winch in- he had been acting as a spy
dude Britain. ' a.JTL. .

dude Britain.

It is possible that the U.S.
National Academy of Sciences,
which Is the direct American
representative body on the
Easa board, may yet stay In the
Vienna organisation. So far its

ar however that’ that commodity analysts ®bout at one point from the fttS! e ^^aacn^ Uasa. __ ' •

isiem would ’nSce «mld_be a serious^er- ^ S. African deficit , b^effSts aS nSfu ^ K ^°^ Wen !

come Easa.

“control" in Austria, and to
the Reagan Administration's be-
lief that the institute is just
a oneway conduit for valuable
computer know-how from the
West to the Soviet Union and
other Warsaw Pact members of

Consumer lobbyists say that
e Parliament's proposals

the Parliament shopped short of modi ties and for production vrolild ta P 3SS S° upl ?P’ ^ Parliament’s

approving the full 16.3 per cent quotas for some surplus pro- ^Britain XfiiSJSSf pn S? sc^Pbrenia ’’ was
rise sought by Cop a, the um- ducts, which, if exceeded wonld FwT* * ^“?5L for ® 3Cun P le » evident. For example. Sir Henry

auMAm wSrT^’tive'Sf 3 ' wonld

of Copa getting its interests
through.”

Yet, even in these political
groupings, the Parliament’s
farm price “schizophrenia ” was

^ SeSHi S .-lA

Mr Poul Dalsager, the Euro- is neither legally binding on the and lp on a loaf of bread.

South Africa recorded a
R3-95bn (£2.11bn) deficit fn
1981 on the current account of
the balance of payments ac-
cording to the latest Reserve
Bank bulletin, D. F. Jones re-
ports from Johannesburg;

tat efforts are now under wv w «’ It ^ pan icularly
to replace tins with private US. inappropriate to continue ou-

money.

If these efforts fail and the
U.S. pulls out altogether; Iiasa
faces a dilemma: either the
Soviet Union withdraws too.

of the European Democratic

Group, voted for a 14 per cent West Bank mayOTS

leaving the institute with only polish people.

involvement in Iiasa in light of
other actions we have taken to
show-:- our displeasure about
martial law in Poland and Soviet
complicity on oppression of the

half a budget, or the Soviet
Union stays on in a politically

' The NAS is angry, in general,
at the. new political conrfrirints

Belgium and Luxembourg agree framework

BY GILES MERRITT IN BRUSSELS

THE- BELGIAN and. Luxem-. ranclnsion oj [special talks be- appeared to be a move designed ■’ artiffdal farm exchange rate a-
boung governments yesterday tween Mr VTilfned Marten^ to emphasise Luxembourg's de- a consequra^^lSt month-:
agreed a • new framework: of ® e ^ lum s Pritue Minister and termination to use its economic franc devaluation.

THE HEAD of Israel’s new
civil administration on the
West Bank, Professor Mann.
rhe m Mi Ison, said yesterday
that Israel would eventually,
appoint local Arabs to take
over the posts of the sacked
mayors of Nablus, Ramaiiah
and El Blreh, now being ad-
ministered by. Israelis, writes
David Rogers In Tel Aviv.

awkward position of predomi- the Reagan Administration is
“2®®- _ „ _ trying to place on the Ufi.

News of the Reagan move scientific community’s inter*
came In two letters sent this national . contacts, and in
week. The first Is from the UJS. particular at Dr Keyworth 's
President to Chancellor Bruno suggestion ' that the NAS
Kreisky of Austria, Rasa’s host “submit its notice of 'with-
country. Its content is confiden- drawai lo Hasa at an early
tiaL But it is believed to be date.”

?s lisa' a s pan ish ^

■■ ssrjasrjnris arassra

i SSSSra SaSrrS pa«y=a=s fsMSSS SfeSSSS

tiaans, m i n isters, idgji officials •y>, e aereanpnt -foiimvc rtiP ** tvip rmnrf P® r cen t devalua- common prices by 10-11 ner from them since tl

anri et«rii.nh= R>rt — rw» Afle agreement foUows the Tlie Grand Duchy, in what tion of its green currencv. the cent ^ y r* I™ JS

tration announced in Dacca
yesterday that it had arrested
more than two hundred poli-
ticians, ministers, M«gi officials
and students. But some Western
aid officials said that next
month's crucial aid donor meet-
ing in Paris, and discussions
with the IMF on a desperately
needed short-term extended
fund facility (EFF) loan could
now be postponed.

The country’s spendable inter-
national reserves are virtually
non -existent and imports tins
year are expected to be four

Polish farmers allowed to own more land

SPANISH police have detained
1*260 suspected terrorists and
siezed more than 600 firearms
and half a tonne of explosives
from them since the begin-
ning of last year, the unified
anti-terrorist command said
■today. Renter reports from
Madrid.

BY CHRISTOPHER BO BINS KI IN WARSAW

uuio reamings. 1‘ne , . ,, “ — . —

Government has been calling heJp J_° fears a^ong the
for an emergency loan from the e 0Yer

announced that local authorities April.

interest in order to dear the
way for the signing of liie
rescheduling agreement in early

national reserves are virtually Parliament yester- able to own up to 100 hectares, sim il a r number sentenced by interest in nrrfpr +«

non-existent and imports tins Pff ed + a .senes of laws, but the chronic shortage .of military courts. y S 2°

yosr are expected tube four tbe- machinery means that a rush to The Government has also re5rt5tiHng uSSSt ifJSf

times export earnings. The °wn land. These should enlarge holdings is unlikely. announced that local authorities AoriL ereement m eari y

Government has been caBwig *Jf* p a r€ y fears among the Renter adds: Civil courts have been empowered to Dresdner said ] n ^ .vw,*.
for an emergency loom from the JJJJJSVv S^ erS °I!5 ^ ^T®r se ?, t , enc ® d people to expropriate apartments belong- “ ThS^e still
IMF of between 8500m (£278m) p JSf"£* laT1 „ ** % ***££* tag to Poles 5bo have appffi omUS

and $300m as well as a sizeable tr S® i opposmon activi^r since martial for asylum abroad or are fident that we h? VP "

inorease of between S200m and UnpOSe ^- m Pol “ ld 1x1 refusing to return home because accounted for iTaH bv Mondlv

?800m in annual aid commit- ? ow - °J ^ n d from agriculture December, according to figures of martial law. and TuSiav ” ^ 07 Monday

meats from the West. t0 „ m( t nstry .... . . published today. Alan Friedman adds: Dresdner Rantorc t

IMF of between 5500m (£2 78m)
and $300m as well as a sizeable

empowered

Dresdner

last night:

are fident

ments from the West
Discussions on both these
requests were due to be held
in the next six weeks. But
-donors are reluctant to make
any commitments until they are

WolteCd. the TBfiSfclfcW-t, uSSTS^TS’S^nTSS ^

Par5- paBy ’Rybuna Ludu that of PolaS 1981

Alan Friedman adds: Dresdner

noent that we will have
accounted for it aH by Monday
and Tuesday." i

Suzuki target

MR ZENKO Suzuki, the
Japanese Prime Minister, in-
dicated yesterday that his
Government will try to final-
ise a new package for opening
its- markets wider to foreign
prod ucts by May, when the
Orga ni sa t ion for Economic
Co-operation and Develop-
ment (OECD) meets in Paris,
AP reports from Tokyo.

efcs. But S r ir ne T’ n»oe no menuou Farty Daily Trybuna Ludu that of Poland’s 1981 debt, said prrauturTto ^av that “X
to nX of compulsory grata deliveries 50 simi l ar cases were still pend- yesterday it was optimistic that wS f? *5

tte s l ate * should tag under summary precedes VS« uSTteteSrt SEXffSWJSSjSfS?

rS!! improve, the mood among in the civil courts. . payments to 52? L 8 °® ^

convinced, ft. toe nenr regi me ^ usTK JZ’S

of farming land.

-implement the
'omic policies.

1 correct 1

rmers; who use «5 per cent The Justice Ministry said the been made,
far m i n g land. 275 convictions did not include Yesterday

From now, farmers will be what was believed, to be a line for Pol

« um iooi jxiLeresc oeen mane, if aH goes upll thp

paymento to Western banks had finalaamuntmT^Stecom-

early next week and a.

I, w£ e * tei x £!? t ^ ie ^ ate ? t dead- rigniog ceremony could then
line for Poland to.repay its 1981 take place the following week

THE one-day general strike
launched yes terday by Bel-
gium's FGTB Socialist trade
union against the centre-right
coalition Government’s econo-
mic austerity policies passed
off comparatively peacefully,
Giles Merritt writes from
Brussels.

On the heels of financial success

"A REMNANT of capitalism." sales of 9.6bn East German quickly cet a Iieen«. tv-
that’s how Herr Erich Reich elt, marks (£2-23bn). authorities to I* 0 and an

a private cobbler in KarL Liebk- Herr Reichelt is permitted to sbS°s£d Herr Re£hJit P ”’But 3u S 535 1

neebt Strasse, one of Leipzig’s keep his store open “for the who wants ^ to work^ the khuflrf 1 ^ nld make

mam showing and residential public only four hours a week hours I do™ Bis oldS?^ Iff of ?°S? y rm earning

streets, describes himself. but that is more than enouS Ss to studv ^ S e ^ State-issued

The years since World War n WHUn ^ shon ttme henS whrte the yoeSSt soi wh^l
have taken their -tnii nt the - of customers brirvff an Their tn have taken" nm, *■*... ...... mstaiianon . wore is fhr

FINANCIAL TIMES

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•fr» . .

■m

Ji .

a private cobbler in KarL Liebk-

have taken their toU of the Customers bring in their to have taken' over the shop* hisher thm “TT-

private shops which once lined slwes for repair. He spends an would rather get a job in indus- So?*;
this boulevard in East Ger- day mneding try “where toe hours jK

many’s second largest dty. shoes and works at weekends as regular.” -

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EVEN YEARS
BARCELONA

APRIL 24 WTO MAY 2ND,
1982

• All SFflEHES CONNECTED WITH INTE-
GRATED TRANSPORTATION AND THE
/U/TOMOfflEllOUSTRr.

• THE SPARE PARIS, COMPONBJT
PARTS AND AECE50KY INDUSTRY!

• EQUIPMENT FOR GARAGES, WORK
SHOPS, CASTING, AMONG, ETC.

• BCYOES, MOPEDSv MOTOR CYOES,
AND EVERYTHING CONNECTED WITH
THE MANUFACTURE AND MARKETING
OF THESE.

• LUBRICANTS AND 9MHAR PRODUCTS
CONNECTED WITHTHEAUTOMOffllf IN-
DUSTRY.

• EQUPMBir HJR HANDUNS AND HAU*

ODD YEARS

BARCELONA,

APRIL 30 TH TO MAY 8 TH,
1983

• cars:

••M0TORH0MB.

• LORRIES; COMMBm. VHflOES, W-
DUSTRiAL VEHICLES, SPECIAL TRANS-
P0RTAT10N VEHICLES AND CAR WAS-
HES.

• TOACHES, BUSES AND MWBUSES. .

• PARTS; COMPONENTS PARIS; SPARE
PARTS, AND ACCESSORIES.

■ BICYCLES, MCWraS, MOTOR CYOES.

• GARAGE, REPAIR SHOP AND SERVICE

EQUIPMENT. •

• LUBRICANTS.

No. of exposures
12

20 ’
7 24 ~~

36

FTPS Price
E1.69
. £2.25
£2.55
£3.37

State-owned Konsum and
Handels Organisation stores
have replaced many of toe
private retailers, while toe

xiur mg is somenow not considered
are as vital a service ax repairing
the nation's shoes.

1 art A _i. i , How much does' he make a a aaoes *

stores L Ii voTume business year? “We do aU right" was Herr Bethke said- it was

of toe , .allowed to his reply. Last summer they u 5 ltrue that private plumbers.

ac “ e SST'wJ? ab ™ ld . gectridaM Mi TV repair men

One 0628 70539

faded names of former private w ^p. i 351 111 1936 Czechoslovakia.

owners still stand over white-
washed shop windows which

and are still frozen by the' East

frequently

lechoslovalria. frequently demanded West

Herr Reichelt said that when German D-marks from

■ customers for their services.

have remained blank for years. „ rt .. ■

Now, after years of refusing “nvatG ent6TpriS6 IS creeping UltO th6 StfftG ^ "? en customers will men-

to allow private businesses .to System ill Eastern Euroue Lesle Cnlitt talk «5 tn t0 pay

carry on. the Government has a mhhlor ' r JS . ■' . t0 « D-Marks and I imagine that

reversed its stance and is issuing _CODDier WilOSe Leipzig business IS thriving- ? 1C ^ currency does change

licences for private owners to SO^S COSt £1 .80, heels 50p and he WOlks a 12-hour 2? ^ eci ^ iC ’ s weekend
set up shop. The reason is dav w ° ric the customer is

that fhe brigades of State Herr Bethke so-'d and

plumbers, electricians and TV aa “ ed that ordinary customers

repairmen are. unable to cope German Goveroment-la WJI even bring, flowers when

with the huge demand for their German mmfa^o^ence) 1 ^? ^ a £ p01ntment with

services while State bakeries heels and 8 East 'SaSafS St^L wslted ^ mLei F g ^? u ^ ng „ the four h<rare a
1 . 1 ^ o j^ast manes (ti. 80 ) bis SCven-year-old nenhew weekhehas"comniiH«®

• Ha/raufTrUR nANDUra AND HMi- .rnupermou sH-notf
LAGE OF MATSBAL FOR ASS0M.Y * CQMxITIWn 5ECH0N

CHAWS. CONVEYOR BEUBANDIRANS-
P0RTATON RANDS.

• LAND, SEA AND AR TRANSPORT, — ■ ■ —

HSGhT AND CARRIAGE. _iil

Ofted Cariar ,

and cake shops are seldom, able for soles.

seven-year-old

ieS aC ^ e SS

i Leipzig mm.aunng the four hours a
nephew week he has " consulting hours.’*

jjote' Wtuifl tlw utmastav it «mrcfeed to ensure th* smv atom*

kodacolorj™, 126 & 35mm HLM

• Financial Times Him service, ro Box 45

taptaw, Maidenhead, Berks sis oaq.

ADDRE5S.

%»

1 - rate 90 ? East German exclaimed: “No. I’m not getting 0£ ^ a year-old Italian

2Sr a 7SS- 5-°^^’ plus into that crTte!" lg nmg Fiat which he recently S
anotoer 1.400 East German _ _ bv navin? M mm* ** —

One of them is a year-old Italian

i me staistics snow wnat another 1,400 East German “ — " by DarineSOner

| happened to the small private marks, which he pays in illness ^hat hurt," lie said, “because the P prire when ^tw!?

producer and shopkeeper in and acrident insurance. The ^ had to wait eight years to also owns a

East Germany In 1950 43J2 per rent is tow, as it i eSywhere «et delivery of the car and paid dSS?Ml

cent of all ^ were made by in East Germany, at^ East ^ We lost toe war but mSnto’fhoUdw evSv^
private icdustry a figure which German marks a month for the when you hear things like that nungaiy’rS iSatL
had plummeted to 5.6 per cent shop, as well as a fiat which you how differenUy Jsaiaton.

by 1970 and to 3 per cent in he and his wife and two 2351 “d West have developed," -

1980. At the end of 1980. how- children share. A- few doors down the street RNANC ' AL J ' nME S- p^iisk.

^.er, there were ttUl 83,000 _ Almost any skilled Best h ^ bSmSS*

blidcBndoB

AVDA. RBNA MAfflA C8STWA
BARCELONA-4 SpflJN

1H. (93)2031 nTHBCSWaFOBBE

there were still 83.000

by paying 30 per cent more than
the price when it was new. He
also owns a comfortable summer
dacha and Is able to take one
month’s holiday every year at

A-few_ doors down the street SSSPaLiSfiA EKK? »

■*» UUU1D UUWU LUC SLTGPL a*cAnt C.. ..J k ¥

any skilled East is Ernst Bethke’s plumbing »ubscripcion rows s365.oo*p«r"<

f ri^e^inesscs left «npjw- German cobbler now working store. A good-natured man in
tag 246^80 pewle and with, for a. State co-operative could - his 50s, Hot Bethke employs

Second Claaa posuga paid at New
York,- N.Y., and « additional malting

OflCfvandmai2ntMtniinumoiara«asii.
watscered in England Namoao

Financial Times Saturday March 27.1982

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UK NEWS

Powell hits
at high
interest
rates

Now dear old Glasgow belongs to a Welshman

.GLASGOW yesterday belonged
to a Welshman.

Jubilation on Friday morning
was dampened only slightly by
fatigue at the Pond Hotel. Great
Western Hoad, .headquarters of

By MiroM Van Mr Ro >' Jenkins and his Alliance election staff. Reminiscences

r _ r s a n ,m entourage during the Hillhead lasted until nearly breakfast.

THE GOVERNMENT’S success by-election campaign. He then faced a circus-like

in finding its borrowing with- .Jep^tn 8 . on bis own Press conference followed by a

out increasing the money sup- Emission, had not found three tour of his new constituency —
ply- hbs been . achieved at the w ? eks . of 9 am Press conferences now to be a Social Democrat,
cost. -of “ grossly excessive ” in- easy B “ ! - the exhilaration of a island in Glasgow's sea of
terest rates, Mr Enoch Powell victory in a traditionally Con- Labour seats — to thank sup-
Unionist .MP for South, Down! servative seat and the Alliance’s porters for their votes,
said yesterday. ' . first electoral win in Scotland. . The smiling pilot was asked

. .Speaking in" Manchester Mr fired the inner reserves of the by reporters about the Social
■Powell praised Sir Geoffrey il,r T ner Labour Cabinet Minister Democratic aircraft, which Mr
Howe, the .Chancellor, for steer- chief Eurocrat; Jenkins said had taken off at

ing Britain away from •* the pre- . Tb* “Hfc face Wamngton. -

dpice edge of inflation " and for from «** Thursday night victory I said at the time we were
keeping 14 out of the clutches of ceIebration f<5r party workers at safely in the air. our seat belts
the banks" in financing the — ' •

borrowing requirement, . * i.

:<ir?p e or u is Mptal Roy to * pin

months. But this would be XT Xvlill UUA I^VF VlU

achieved at the cost of interest

rates .Which threatened to be- 4— • -

““fh^rime argument for fllQIlfC OVIl] Pllf |

continuing to reduce the public i&liil. VUlf . X A,

borrowing requirement will no ... S

longer be the imminent peril RY mad* wucted “

of plunging back into inflation." BY MARK WEBSrER

“It. will be the argument for METAL BOX. Europe's biggest London, and cut the workforce
lowering the rate of interest," packaging company , yesterday at Aintree and at Clapton, East

Mark Meredith follows the Hillhead victory trail .of jubilant Roy Jenkins, MP

a disco and. back to the Pond were -unfastened, and there was “So what you will now see
for more personal congratula- even some suggestion that is a very strong revival of the
tions with the inner core at refreshments were being handed standing of the Social Demo-
election staff. Reminiscences around. There was generally a eratic Party and the Alliance,
lasted until nearly breakfast. relaxed atmosphere.” I think we stand a very good

He then faced a circus-like Reviewing the flight plan the chance of winning a very
Press conference followed by a declared candidate said the air- substantial victory in regional
tour of his new constituency — craft had proceeded very satis- and local elections.”
now to ‘ be a Social Democrat, factorily on its course although The Je nkins team then drove
island in Glasgow's sea of there had been just a bit of to St Andrews in Fife, about
Labour seats — to thank sup- turbulence in the first weeks three hours away, for a
porters for their votes. of the year. . champion’s welcome at the

The smiling pilot was asked “This was riot internal Scottish Liberal Party’s annual

now to be a Social Democrat,
island in Glasgow's sea of
Labour seats — to thank sup-
porters for their votes.

The smiling pilot was asked
by reporters about the Social

foiroer Labour Cabinet Minister Democratic aircraft, which Mr ingly but, as always with any

Warrington.

around. There was generally a eratic Party and the Alliance.

relaxed atmosphere.”

” So what ‘ you will now see motion on law and order was
is a very strong revival - of the evident.

Reviewing the flight plan the chance of winning a very
declared candidate said the air- substantial victory in regional

turbulence," he said reassur- conference.

ending of the Social Demo- The conference was put more
atic Party and the Alliance, in the mood passing a resolution
I think we stand a very good calling on Mrs Thatcher to
lance of - winning a very resign and call an election.
ibstantial victory in regional Mr David SteeL party leader,
id local elections.” had stirred Alliance ardour

The Je nkins team then drove with a warning to the major
St Andrews in Fife, about parries that there was no stmh
ree hours away, for a thing as a safe seat for Labour
tampion’s welcome at the or the Conservatives anywhere
:ottish Liberal Party’s annual in the country,
inference. Heroic, Mr Jenkins appeared-

three hours away, for a
champion’s welcome at the
Scottish Liberal Party’s annual

and chief Eurocrat.'

The smile hardly left his face
from the Thursday night victory
celebration for party workers at

Jenkins said had taken off at serious political party, a pheno-

Selcfom had the conference in front of the banked seats in
been a big- event on the Scottish the town hall auditorium. The

menal showing in opinion polls political calendar before this audience gave him a standing

open-ended scale of content-
menL

Possibly refreshed by a doze
in the car. Mr Jenkins delivered
a rousing speech on the readi-
ness of the Alliance to wage
electoral battle.

Whatever niggled the Lib-
erals about the speed of the
Social Democratic bandwagon
was forgotten. Even the wrang-
ling about who would run for
the Pori Glasgow seat has been
put aside with the decision of
Mr Dickson M.ibon. former
Labour MP. to step aside for
the Liberals.

Mr Jenkins then went to two
birthday parlies celebrating the
first anniversary of the Social

I said at the time we were in December was -not' repeated and impatience among the dele- ovation. The smile on his face- Democrats, one of them in Edjn-

safriy in the air. our seat belts in January and February:

gales as they waded through a reached a new expanse- on the burgh and the other in Paisley.

Metal Box to close three
plants and cut 1,200 jobs

BY MARK WEBSTER

he said.

“The -Government will be
fully justified tu continuing to
reduce its borrowing until the
point is reached at which the
spectre of inflationary finance
need no. longer be held at bay
by fixing interest rates at arti-
ficial levels.”

Mr Leon.Brittan, Chief Secre-
tary to the Treasury, yesterday
oointed out that interest rates
bad already fallen and pro-
•r-iinced the ‘‘doom and gloom
mongers" effectively routed.

"ifiation and unemployment Monmouth-

said it was dosing three more
factories with the loss of 1,200
jobs.

The company blamed low
demand and said the improve-
ment it had expected in UK
trading when it made its interim
statement last November had
not materialised. 1

It is closing a food can plant
at Leicester, a beverage can
factory at Westboughton. near
Bolton, and a factory -producing
central heating radiators at

t * •

'• : p’so fallen — a triple success
— • the Government’s policies,
'nwever. he cautioned against
her expectations, saying it
’ taken years of economic
v 5 :na to generate the present
blems and would take effort
-V patience to set them right.

School teachers might be
*?Uer equipped to prepare their
■upits for working life if they
ve;e required to spend two
years in industry or commerce
before beginning their training
Dr Rhodes Isoyson, Junior
Education Minister, said
Speaking in -Cumbria. Dr
Boyson called for a reappraisal
of teacher training with a view -
to greater specialisation. “The
all round teacher may no longer
be the ideal for a specialist
age.!’ he said. .

He questioned what com-
prehensive schools bad achieved
socially as well as. education:
ally. *

Profits rise

expected

byCEGB

By Martin Dickson,

• Energy Correspondent

- Last month Metal Box shut a
factory in Southwark^ South

London.

Metal Box said the latest
closures would not affect their
other Leicester-based canning
factory nor the two remaining
plants at Westhoughton.

The cuts in the workforce
will bring total UK employees
down to less than 25,000 com-
pared with about 33,000 two
years ago.

But the company said the
latest measures, when added to
the cuts made over the past two
years, would provide a “solid
basis for recovery" when the
market improved.

Metal Box said it had no

plans for other factory closures
or redundancies at this stage
although much depended on the
UK level of demand.

The cost of the latest closures
when- added to cuts already
completed will be- more than
the £21m specified in the 1980-
1981 annual accounts and will
be included as extraordinary
items ' in the accounts for the
year ending March 31. 1982.

Last November, Metal Box
forecast higher profits for the
six months ending next week.
But yesterday it said pre-tax
profits for the second half of
the year are not now expected
to be significantly different from
the first six months.

Courtaulds to shut two more mills

BY NICK GARNETT, NORTHERN CORRESPONDENT

COURTAULDS is shutting two
more textile mills. Both were

heaviiy re-equiped seven years and processing, has seen its UK
ago to cater for volume, demand workforce shrink by 25.000 in
of carded cotton yam. but tb?s the past two years to 61,000.
has dwindled. The two mills belong to the

The closures of Majestic Mill, group’s Northern Spinning
Oldham, and Victor Mill, Staly- Company. It has 29 mills in and

British textiles group in terms mills to attack the volume mar-
of total textile manufacturing ket and drew them away from
and processing, has seen its UK speciality yam production. How-
workforce shrink by 25.000 in ever, the volume market for sup-
the past two years to 61,000. plies to knitters and weavers has
The two mills belong to the virtually disappeared.

bridge. Manchester, will rotfan around Greater Manchester and

285 jobs lost.
Courtaulds.

biggest

employs 5.300. ' ,

Courtaulds modernised both

The group said yesterday that
this has' been caused largely by
the closure of some of its major
customers and the impact of im-
ports.

Company law Inland telegrams to end

review urged. »r i**™ crisp

A ROYAL COMMISSION should THEn-iniapd -telegram service been paying the Pqst Office
be set ud to review the economic which' fcegan in 1870 is- being £25m to deliver telegrams and
and social foundations of UK closed in October by British accept them over the counter,
company law, savs the Institute Telecom on the grounds that The number of inland teie-

BY JASON CRISP . -

THEfi-iiriapd .telegram service
which- began in 1870 is- being
closed in October by British

been paying the Pqet Office.
£25m to deliver telegrams and
accept them over the counter.

of Directors. ' ■ .

• Mr Waller Goldsmith, the
institute’s director general, said

is little used and makes grams sent has fallen 30 per

heavy losses.

The telegram

service

yesterday* consolidation of the £56m in the year ending March
existing Companies Acts was a 1981- The inland service, which
weleome and- necessary pre- had revenue of only £10m, lost
Uminary. but 'the- combined £20m. • •

efforts of the voluntary groups International telegrams will
examining the subject lacked

cent in the: past year to 2m.
In 1950 about 41m telegrams
were sent.

Mr John Morgan, speaking on
his last day as chairman of
the Post Office Users’ National
Council, criticised British Tele-

continue — the basic charge goes com for falling to market the"

...I - . , _. ^ . .1 ,■ me IOCUS <* -V.-UHJU1I331VU UIWU

THE Central Electricity Generat- provl< j e .

Sosnl is expecting to make A coherent body of company
a £320m operating profit in j aw be set up if it ware
1931^82— a £130m nse on the ^^uttered by items which fell
T>rcviousy«ir.Butmre um on ^ othec areas,

’^ets is likely to be below the

• hr?e year financial target set ■

the. Government. '

% ir Glyn England, the CEGB Why if navq
'■ : rman. said yesterday that t ▼ UJ II

'"‘.netted operating profit in , i 4-r*

• war ending on March 31 10 D6 K1HQ lO

^ substantial, improvement on

•Tnm 0,rd s initial forecast of the customer

Ii had been achieved even _ Churchill,

t*vuigh electricity sales were Consumer Affairs Correspondent

tikely to be broadly the same

last year’s figure of COMPANIES THAT ignore eon-
209 Terawatt (million million aumer com plaints run the risk
watt) hours. of losing sales, according to a

His figures mean the researc h study published today

is likely to make a return an ^ National Consumer Con-
assets employed of 1.5 per cent SJ} meel ing ^ Guildford,
m 2982-82. This is -higher than The research, by Mr Colin
the 1,2 per cent achieved in Adamson, quotas a number of
1980-81 but below the average rase studies in both the UK and
I S per cent return set by the ^ g which show the effect of
Government for the three years customer relations,

ending m March 19*3- - A U.S. government survey.

This means t-ha-t in the com- for exam pi e . showed a custo-
ing year the board — which mcr was m - ore ukely to return
has unsuccessfully asked the a company which bad re-
Govemment to relax the target so j ved a complaint

— I™ 11 1 s v< V a hl8h “Business is lucky to have
return - of -.5 per ceirt. • customers who complain, be-

Mr England said the 1081-82 ^ ^ another chance l0

b^SSSTfii " «£? cus, “ roer '" SH3 Mr

to 12 per cent 'per unit sold. Al . . Ju l , „ niinll , t

»¥- “nf •“ of JP-TSaS

with the National Coal Board. Jerest way that thej do

The other half was due to business. -

better availability of high effi- Consumers m Business . pub-
dmey coal stations and a lislicd by the ^atxonnl Consu-
reduction -in • the -use of wee- Council*- IS, Queen Anncs

Gaft, Londo*., SW1.. price £2.

the focus a commission could up a third next week to £2. telegram service. He also said
provide ,- They will no longer be de- that the new Telemessage ser-

\ coherent body of company livered by hand nor will they vice which replaced the over-
law could be set iip if it ware be accepted over Post Office night telegram service was
uncluttered by items which fell counters. being marketed in a half-

into other areas, British Telecom says it has hearted way.

Investment trust shares
rise after reorganisation

BY ROSEMARY BURR •

MORE THAN two-thirds of
. investment trust shares out-
performed the UK equity
market over . the year to
February 26. Much of the rise
in investment trust share prices
took- place in the first two
months of this year as a result
of substantial reorganisation
among the industry’s biggest
groups.

In December both Robert
Fleming Investment . Manage-
ment and Touche Remnant,
which together .account for
about 11.01m of the near £94m

company which bad re- net assets in the investment

solved a . complaint

“ Business is lucky to have
customers who complain, be-
cause it has another chance to
satisfy the customer," says Mr
Adamson.

The study quotes companies
such as J Sainsbury and Marks
and Spenter - which - “ seek out
and act on the consumer in-
terest in the way that they do
business.”

Consumers in Business, pub-
lished by the National Consu-

trust sector, announced their
intention to reorganise.

Three Fleming trusts. United
States and General, London and
Montrose and London and Pro-
vincial — all in the top four
investment trusts in terms of
total return to shareholders

# Top five investment trusts in
the year to February 28, 1982,
ranked by total return ■ to share-
holders.

Rank Trust

Management

group

lx United States
& General

Robert Finning '

2 London &
Montrose

Robert Fleming

3 General &

' Commercial

Philip Hill

4 London &
Provincial

Robert Fleming

5 Bankers

Touche Remnant

12-montb
Mr James

assistant

Burmah
Oil appoints
new finance
director

By Duncan Campbell-Smith

BURMAH OIL has .appointed
Mr Mike Dowdy as group
finance director- with effeet
from June 1. He replaces
Mr - Lawrence' - Urquharl.'
whose appointmeat as chief
executive of Burmah's Castroi
subsidiary was announced last
year.

. Mr Dowdy, 47, is a chart-
ered accountant .by training.
His management career has
embraced positions with
Courtaulds, Brooke Bond
Liebig and Dalgetty. He is
at present group finance
director of Slme Darby.

Burmah’s critics drew atten-
tion to the impending vacancy
in the group’s financial
department during its abor-
tive bid battle for. the shares
of Croda International. Mr
Campbell Anderson, Bur-
mah’s managing director, said
the group had now found
someone “with the consider-
able international experience
which will be appropriate for
Burmah.”

Referring to the 14.99 per
cent of Croda’s shares still
held by Burmah, Mr Ander-
son restated the group’s pos-
ition that it . would - “ hold on .
to the stock and study Croda’s
performance with interest”.

-Mr Anderson said Burmah’s ;
basic strategy of seeking ex- •
pansien in the . speciality
chemicals sector bad not been
changed by the failure of the
Burmah. bid. “A -number of
alternative deals are under
examination and we are look- !
ing at opportunities both in
. the UK and overseas.”

• Wong SuJong in Kuala
Lumpur adds: Mr Dowdy’s
departure from Sime Darby
means the group will retain
only one British director and
for the first time in its long
history will have no British
director based at the group's
head office in Malaysia. Mr
Jim Scott, the British joint
chief . executive, has been
based in London since last
month to look after Sime’s
troubled Western division.

John Laing
wins £41m
road contract

By Robin Reeves,

Wales Correspondent

JOHN LAING Construction has
been awarded a £41m contract
by the Welsh Office to build a
5.9 km (3.54 miles) section of
the new A55 dual carriageway
along the North Wales coast.

The contracts which covers the
section - between Colwym Bay
and Gian Conwy, is one of the
largest ever awarded for truck
road Improvement in the UK. It
includes a -3-5. km twin track
railway formation, to be handed
over to British Bair lor track
laying.

Mr Nicholas Edwards, the
Welsh Secretary of State, con-
firmed, earlier this week that |
the next section ofthe new A55
— a tunnel under the River ■
Conwy, estimated at £77ro, 1977 I

secretary of the Association of prices will go aead.

the Investment Trust Com-
panies. says “ the discount is

over the year to February — beginning to reflect the nature
were also unitised. of the company. The sector is

In January, discounts on no longer all going in the same
investment trusts narrowed way. For example, energy

Te overall cost of the tunnel
section was estimated at £77m
at 1977 prices. But it is ex-
pected now to be far higher.

•Detailed engineering work
and the legal powers for compol-

markedly from about 29 per trusts have moved from a dis- sory purchase aye now under

cent to 21 per cent. February

met Council ,- IS, Queen Anne’s ' saw a further shrinking of the autumn t
Gate. London, SWl, price £2. gap to just under 20 per cent, February'.’

count of 6-5 per cent last
autumn to 17 per cent in

way. It is hoped that the con-
struction of the tunnel will start
towards the end of 1984.

Arbitration ruled out in dispute on 124-year-old contract

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

THE COmtT nf Anneal ruled with it. there being a mutual an arbitration agreement in the Bremer decision did not
vSmrtoSJt ?dSSute over a obligation on both parties to circumstances in which, had the mean that, given that the
contract iSffe lli^veai? get' the Arbitration moving. dispute been dealt with by way essence, of arbitration agree-

cmM nut rn tn ufelttntlon be- In 1969 Partenreederei bought of a court action, it would un- ments was the parties mtention
SSse «5 Sii laose had made a ship from Paal Wilson and hesitatingly have been struck to resolve their dispute fairly.
“SSL Company of Norway. In 1972 a out. . . the law insisted on enforcing

a rair tnal impossible. di smite arose and the German Until the Law Lords’ decision such agreements when that fair-

mJL 3 Vwt ciSSalv^c^ed^DM . 1m in Bremer Vulkan, it would not ness was no longer possible,

rpprfprw Hannah Blumenthal. a damages. Each side appointed have occurred to any lawyer. The Bremer decision stopped
SSS a an arbitrator, but it was not arbitrator, or businessman tha a an arbitration

Commercial Court ’deSion that until 1980 that Partenreederei relykSf on delay by the claim-

the^aSSmentto arbitrate had suggested fixing a date for the zn^bitration agreement m the M s a breach capable of being

co-operation between both par-
ties. Generally, the duty to take

Until the Law Lords' decision such agreements when that fair-
in Bremer Vulkan, it would not ness was no longer possible,
have occurred to any lawyer, _. de ~ sioil stomied

arbitrator, or businessman that t o an ar bitrlti!m

tfco lsu> unc nnwprlacE tn trMt . .

essence, of arbitration agree- the initiative' would lie on the
ments was the parties' intention cla im a n t.

to resolve their dispute fairly, - . TJennine said ir was

the, la w ipsima on agbraPB ftto, » "S

such agreements when that fair- had made a fair trial

ness was no longer possible. SiSsiSS “ hSd bJSTgSfy
The Bremer decision stopped of frustrating delay, which bad
a respondent to an arbitration been a repudiatory breach of
reiving on delay by the claim- the arbitration agreement.

been frustrated. arbitration. . . . . . treated as a repudiation of the

Lord Denning and Lord Lord Justice Kerr said the That decision had caused arbitration agreement, but did
Justice Kerr held the case was. case was' an example of the stale concern, not only in London, nQt 5t op the respondent saying

dill dd « Ui CdLii vi uciuf, ■ r . TitcH/»n

a ropudiadoo yf the ^ Brewer

distinguishable from that of and long-dormant - arbitrations but also abroad among those that the agreement had been

Bremer Vulkan in January last known to exist, which posed who looked to England as an frustrated^

year The House of Lords then, serious problems- for the credi- important, venue for inter- -Dositfve oblieation

The rnurts had' no notvcr bility of Engifeh arbitrations. national commercial arbitration. The only positive oongauun

S The ifiSi^was whether par- said the judge, knddown by the Houseof Lor*

the claimant had not proceeded ties were to be held to His view, however, was that had been a mutual obligation of

operated against Paal Wilson.
There were limits to the
judicial ingenuity it was per-
missible. to employ to avoid the
consequences of an unpopular
derision — particularly a deci-
sion of the House of Lords.

Whitelaw applauded
over law and order

BY PETER RIDDELL, POLITICAL EDITOR

MR WILLLAM WHITELAW,
Home Secretary, yesterday won
a standing ovation from Tory
activists for his approach to law
and order issues. This follows
his success earlier this week in
defusing much of the contro-
versy among Conservatives on
the issue.

Speaking at the opening of
the two-day Conservative Cen-
tral Council meeting of party
representatives in Harrogate.
Mr Whitelaw stressed the l»st

tive Parly conference in
Blackpool. Then, Mr Whitelaw
was criticised and was known
to be very angry with the lack
of public support from the
Prime Minister.

During yesterday’s debate,
mnej speakers, including two
chairmen of police authorities,
supported the Government’s
record and recent initiatives.

Tory leaders are now
cautiously confident that Mr
Whitclaw’s efforts over the last

of the Government’s actions in week have removed much of

dealing with crime. He empha-
sised his concern with crime
victims, with increasing re-
sources available to the police,
and with changes in sentencing
policy.

the steam, at least for the time
being, from an issue which
threatened to get out of control.

Mr Whitelaw was supported
for his announcements on
Thursday m parliament about

He stressed the ‘‘strain” of widening existing disquali-
the fast week, and said he was fica tions from jury service and
grateful for the support given extending police powers.

in the debate in the face of
some of the criticism he had
received. His tough rhetoric

He also went out of his way
to crilirise the record of Mr
Roy Jenkins when he was Home

was warmly received by the Secretary, both on the prisons
audience of 25t> to 300 middle- and the police. He said: “It

aged. middle-class people
The tone of the law and
order debate was loss strident
than the highly charged discus-
sion at last October’s Conserva-

was Labour home secretaries
like Mr Roy Jenkins who failed
to provide the prison places for
whose shortage they now criti-
cise us.

Minister begins series of
visits to inner city areas

BY LISA’ WOOD

R GEORGE YOUNG,

SIR GEORGE YOUNG, the that it is an empty cosmetic
Parliamentary Under-Secretary exercise in liberal-mindedness
at- the -Environment Depart- and on the other hand that it
menl, who has special response amounts to rewarding the
bility for races, yesterday people who look part in the

started.

Handsworth. Bir- disturbances of last summer.

mingham. a series of visits to "Not only are these charges
inner city areas where ethnic inconsistent with one another,
minorities are concentrated. they are each nonsensical. What
Sir George said he would I am concerned to do is to en-
raise several questions during courage people to taride the
these visits. These ,ine*nHr-* real problems faced hv many
why some local authorities were members of the ethnic minori-
doing better than others in ties.

tackling racial disadvantage and Housing and the urb^n pro- ,
what the special problems fac- gramme are the two. main areas
ing ethnic groups were and. where the department is in-
how they could be overcome. volved in race issues. The fin-
Sir George said some people ancing of the urban programme
had criticised his appointmem this year will total more than
by “suggesting on the one hand £270m.

Finding out
if it pays
to decide
Nationwide

By John Moore, City
Correspondent

“YOU MUST got hold of Ihe
meeting Mr Chairman. It is
running all over the show."
The call came, not during a
local Labour Party meeting
considering how to deal with
militant tendency, hut during
the annual general meeting
nf Nationwide, the country's
third largest building society.

Sir Herbert Ashworth. Nation-
wide's chairman, and his
executive team wore under
first from coffee time to tea
time in a packed meeting at
the Eurnpa hotel.

Nationwide's investors tackled
Sir Herbert and his team on

subjects from directors' expen-
diture to the thorny question
of whether there was a privi-
leged staircase for use by
management only to yester-
day's gathering.

Amendments rained down on
resolutions and resolutions
seemed at times to he raining
down nn amendments. Lead-
ing the general aitack on the
board's peace of mind was Mr
Christopher Punt, a Barn-
staple lawyer.

He had put down 19 specia!
resolutions fur the meeting
to consider, and two other
ordinary resolutions, with
another resolution proposed
in his support by a Nation
wide investor.

“ It will lake us six hours tn
get through this meeting.”
warned Sir Herbert, con-
templating the formidable
agenda

Mr Punt, who failed tn gc*
elected tn Nationwide’s board
in recent elections, attempted,
inter alia tn remove Tmiche
Ross as Nationwide's auditors.
He claimed they had failed
to give him details of certain
amount* spent on staff enter-
tainment.

Touche Ross reminded tilP
meeting that it had neither
the right nor the duty to dis-
close information under
building soricties legislation

One Nationwide investor
recalled at the meeting her.
she had sought further
particulars of a trip to
America by society executives
She questioned the benefits
to the society. Another sternly
told the meeting: " If
directors of the society go to
America with their wives who
have supported them, aren’t
Ihev entitled to have a little
perk like that? "

Mr Punt oventuallv withdrew
his resolution calling for the
rienarture of Touche Ross.
Other resolutions he had
framed included rule changes
—which would have led to
changes in the way the
society's executive was elected
—and greater disclosure, in-
volving distribution of the
society’s rules and minutes.

The meeting was adjourned for
an hour at lunch. In the
afternoon a post-prandial tor-
por seemed to settle. Mr
Punt's resolutions failed and
the meeting ended, to the
visible relief of Nationwide’s
board.

W atching you gag on your steak during
an otherwise pleasant Friday lunch,
your guest reluctantly contemplates
a tracheotomy on your throat with Ihe pudding
fork. Just in time you manage to convey to him
that you have suddenly remembered you need
cash for the weekend and that you must leave
immediately for the bank or cancel your vital
2. 15 appointment. Of course your guest
assumed that you are trying to stick him with
the bill and a promising relationship founders.
© What’s your time worth during
business hours? What's it costing potior
your staff to get to the bank before closing
time? Chequepoint is open 8.30 anito
midnight, seren days a week (two
branches. 24 hours). Think about it.

Y our pulse is 1 acing and your cheeks are
flushed. You are hyperventilating and
ns not just because your horyihms are
crucially low and you can't.takc the hassle. The
queue behind you think it's because the
gloating cashier has just.lold you that "bank
charges” have wiped out your credit balance
and that she certainly won't cash your
worthless cheque. Bui from where you’re
standing you can iust see your car being towed
away from the double yellow line where you
parked in desperation. O We don’t query
your bank bofance -Just bring a cheque
card - after the rush hour, when the traffic
wardens have gone to bed.

Y ou’ve picked ihe wrong queue again
and wait with mounting impatience
behind a shopkeeper paying in a weeks
takings in coins only to find that when your
turn finally comes the cashiers go into a huddle
lo discuss their sex lives. Losing control you
flash a sign saying "This is a hold up — if you
want to be around to see another monster
payrise you’d better get over to ihe counter —
fast”, or words to that effect. Regrettably this
proves counter-productive and you waste
months in time consuming formalities and

Six Wws Your Bank
Can Put Excitement
Into Your Life

And HowTo AvoidThem

Y

Y

explanations lo the unsympathetic authorities.
. O We like to think that you don't have
to hold a gun on our cashiers to get good
serricc.

Y ou need io discuss your problem u ith
the local neighbourhood psychiatrist.
Apparently you hate yourself. You
queue compulsively and contort your personal
lifestyle to suit the banks and their schedules.
You can't get enough of their arrogance and
condescension and iust the sight of a bank
statement (not to menlion the charges! makes
you cringe and whimper © Reject both
the psychiatrist and the bank.
Gh'equepomt will rebuild yourself esteem
and nurture your bruised psyche at a
fraction of the cost and inconvenience.

T aking time out front chatting to his

colleagues the cashier Mrolls over and
patron ismgly asks if surely vou realise •
that it rakes Three days lo gel ihe foreign
. currency you need for t out urgent trip to th«?
-continent tomorrow. The customers are really
getting him down today. O Chequepoint
will sell l and if necessary deliver) the
foreign exchange you need on the spot
(or within 24 hours in exotic currency
cases).

H unching against the wind and rain out
in the open has done nothing for the
carefully groomed look you badly
needed tonight. But vou have succeeded in
tapping out your cash card number and this
lime the machine works. As you pull out a
wad of notes you spot three muscular youths
eyeing you from the shadows. With luck it's
just your money they're after or maybe
contributory negligence on your part is about
to occasion a fate worse than death. ^ Good
tuck. But you’ve only yourself to blame.
Our friendly but not oaerly intimate
service in the branches costs 4p In the£
and it will keep you off the streets. The
banks could be charging you more^ so
why keep punishing yourself?

H

Although we can’t compete in the really serious Banking Activities such as
galloping horses, listening gryphons, predatory eagles, or simply hanging out
in cupboards, we can offer one Banking novelty — Service.

chequepoint

13/15 Davies Street, London WTY 2Hfl Tefephone: 01-409 1 1 22 Telsx: 91806B
Branches (open 8.30 am — midnight 7 daysi

• -4-

Financial Times Saturday March . 27 19S2

UK NEWS

LABOUR

■

Foreign
exchange
broker
sheds 80

By WHfiani Hall,

Banking Correspondent

Retrenchment policy helps Bui, „ <lin s

r 17 r workers

BA to cut costs by £150m seek 36%

BY MfCHAS- DONNE, AEROSPACE CORRESPONDENT pay rise

Equity may flout TUC policy
over closed shop proposals

BY JOHN LLOYD

ABOUT 80 foreign exchange
dealers and associated staff in
London and New York lost
- their jobs following Mercan-
tile House’s acquisitio n o f
Charles Fulton, the UK's
fourth largest foreign ex-
change broker, earlier this
week.

Mercantile House, Britain’s
largest foreign exchange and
-money broker, has dosed

Fulton's loss-making New

York foreign exchange opera-
tion and the firm's London
forex operation, except for
one or two specialised areas
such as Japanese yen deal-
ing.

Fulton’s had been losing sub-
stantial sums on its London
and New York foreign
exchange broking operations
which were offsetting earn-
ings on its profitable domestic
money broking activities.
Mercantile House said at the
time of the takeover it was
going to “rationalise immedi-
ately" Fulton's unprofitable
operations.

Mr John Barkshire, chairman of
- . Mercantile . House, said
yesterday that up to 50 deal-
ing staff bad been laid off in
London and New York and
that between a quarter and a
third of the London forex
dealers would be -re-employed
elsewhere within the group.

He said that with the cut Mer-
cantile House would now be
able to preserve the jobs of
the remaining 600 staff work-
ing in Fulton's UK and over-
seas offices. If this action had
not been taken, he doubted
whether the firm, could have
survived in- Its present form.
Charles Fulton had been is a
“ Catch-22 saturation,” he said.

; Its two biggest foreign ex-
change operations in London
and New York were losing
money and if Fulton, had shut
them down to stem the losses,
the overall foreign' exchange
operation would have had no
outlets in the two main world
financial centres.

He stressed that the other parts
of Fnlton’s bumness were
profitable • -

MOST objectives in British
Airways’ retrenchment pro-
gramme have been achieved. As
a result the airline will be
£150m better off In the coming
financial year.

The programme was intro-

of February was 4L500. This operating costs— will drop this
will be further reduced to year by four percentage points.

EQUITY, the actors* union, may the closed shop provisions of

By I vo Dawrujr, Labour SWF

again flour TUC policy by seek- the 1971 Industrial Relations

42,600 over
months.

“The whole trend in our:
industry is for break-even load

Operations on 16 international factors to go up. not down.”

routes have been or are about
to be ended; all scheduled

ctuced last September to cut freighter operations

bout Some measures have not been
luled achieved, and work is under
have way to rectify this, says Mr
jets. Watts. j

Ldent The airline still has to reach

Twos and seven' Viscounts have agreement with other authori-

£145m losses in the 1980-31 ceased; three Boeing 707 jets. Watts.

financial year. They are still a 747 freighter, seven Trident The airline still has to reach
expected to . amount to £2 00m t^os and seven Viscounts have agreement with other auihon-
in the current year, ending been sold; no basic pay rises ties on matters such as the
March 3L have been granted; and various abolition of airport security

. The airline hopes that because activities, such as catering, ch arges payable by theairlines;
Of the cuts it will be well on have been hived off to other securing Ter minal Five at
the way towards breaking, even organisations, to save cash. Heathrow instead of the
in the coming financial . year. Progress on disposing of development of Stansted; and

Mr Roy Watts, deputy chair- assets, such as buildings and winning support for tile view
pian and chief executive, in a training centres, has been good, that there is too much under-
message to staff, says that in but some deals still, have to be pricing and over-capacity in the
addition to improving the out- completed, such as the sale of industry. ■ •

look for 1982-S3, the cuts "will the College of Air Training at The airline is in the middle
go on showing benefits in the H amble. °f maintenance scheduling -ana

UNION leaders representing
about 700,060 construction
workers yesterday presented
employers with a pay and
conditions valued at an
increase of more than 36 per
cent on basic rates.

ing exemption from the dosed Act, which effectively outlawed
shop provisions of the Employ- the closed shop.

been sold; no basic pay rises ties on
have been granted; and various abolition
activities, such as catering, charges \
have been hived off to other seu-vxuig
organisations, to save cash. Heath rov

Progress on disposing of developn

es ties on matters such as the
as abolition of airport security
i g, charges payable by the airlines;
er securing Terminal Five at
Heathrow instead of the
of development of Stansted; and

assets, such as buildings and winning support for the view
training centres, has been good, that there is too much under-

addition to improving the out-
look for 19S&S3, the cuts “will
go on showing benefits in the
years to come.

“In 19S5-86. the steps we have
taken over the past few months

industry.

The airline is in the middle
of maintenance, scheduling and

On the operational side, while marketing studies, designed to
short-haul punctuality has been provide for higher utilisation

improved to 80 per cent and for most of its aircraft in 1982-83

will be improving our results long-haul punctuality up to 66 and beyond.

by £200m a year or more.” per cent work is in hand to me aim
He stressed that BA’s troubles achieve higher standards. BoeiM <;4«
were far from over but said the Mr "Watts says that because provide fuel
airline was on the way to of these and other measures the in l9S2-S3, ■
financial recovery. airline’s break-even load factor meats are t

Mr Watts says airline — the percentage of seals that .plan ning tet
personnel strength at the end must be filled in order to meet and money.

Mr Vatts says that because provide fuel savings worth £10m

The airline has modified its
Boeing 747 Jumbo jet fleet to

of these and other measures the in 1982-83, while other improve-

airline’s -break-even load factor merits are being made in flight
— the percentage of seats that planning techniques to save fuel

Intel opens European headquarters

BY LORNE BARLING

INTEL CORPORATION, the
U.S. electronics company, yes-
terday . opened its Northern
European headquarters at Swin-
don, Wiltshire, where up to
1,000 new jobs are expected to
be created within the next few
years.

Dr Gordon Moore, chairman,
said there were signs that re-
cession within the world micro-
processor industry was reced-
ing, and that the prospects for
the company’s growth in Europe
were good.

The new facilities — officially
opened by Mr Kenneth Baker,
Minister of State for Informa-
tion Technology — is initially

employing about 200 people,
mainly on sales and customer
service.

Dr Moore said no decisions
had yet been taken on when
further expansion would take
place, but European customer
requirements would eventually
lead to the creation of about
1,000 more jobs.

Wafer manufacture in the
UK was unlikely. But a greater
requirement for systems inte-
gration work was expected in
addition to customer services.

The £5m investment at Swin-
don is seen as a firm commit-
ment by Intel to expand its
European activities both geo-

graphically and in terms of pro-
duct mix.

Dr Moore said there was an
increasingly better balance be-
tween price and demand in the
world semi-conductor market,
but this should be treated cau-
tiously.

“It is disconcerting to see
depand for our products in-
creasing while other parts of
the economy are not looking
too healthy."

Although Intel had increased
the amount of systems it sold
in comparison to components,
this mix was likely to be dic-
tated in the long term by mar-
ket forces rather than company
policy, he said.

The claim, which was made
’ at a meeting of the Building
and Civil Engineering Joint
Board in London, includes;

• an increase in minimum
earnings from £1.621 to £1.90
an hour to take into account
rates of £3 an hoar being
paid on some sites.

• consolidation of minimum
bonuses ranging from £10.14
to £12.09 per week Into basic
pay.

• the reduction of the work-
ing week from 39 to 35
hours.

• an extra, week’s summer
holiday.

The unions also want an
occupational pension provi-
sion to boost the lump sum
retirement benefit which
takes effect next month;
improvements in existing rick
pay schemes; an occupational
health scheme; and increased
travel and subsistence
allowances.

The employers warned,
however, that- they could not
accept a union call for retro-
spective payment of any
settlement reached after
June 28, the anniversary of
last year’s pay agreement

The two sides agreed to
meet again on April 28, by
which time the employers
will have formulated a
response to the claim.

Current guaranteed mini-
mum earning rates in the
Industry are £73.51 for
labourers and £86.19 for
craf tsmen.

ment Bill.

The union is concerned about
the clauses which demand
ballots of 80 per cent of the
shop’s membership or the assent
of S3 per cent of those voting
if the shop is to be recognised.
It believes they will be
impractical to operate in the
acting profession.

The “ casting agrrements "
between theatrical manage*

e closed shop provisions of The union has already
e 1971 Industrial Relations incurred TUC displeasure over
ct, which effectively outlawed its decision to ask for state aid
,c closed shop. for ballots of its executive— a

However, a move by the move explicitly banned by the
General Council for British TUC.

Shipping to secure exemption A meeting of Equity's govern-
once more was turned down by ing council on Tuesday «

the Government in the standing expected to debate exemption,
committee on the employment The union, which is lacing a

bill e artier this week. An
amendment tabled iff Hr
Marcus Fox, the Tory MP fosr
Shipley, was designed to secure

An a deficit of £250,000 toss year, is
Hr under some pressure to avoid
for costly actions,
are • Mr Len Murray. TUC general

exemption, but was withdrawn secretary, yesterday described

on Thursday night

The Government’s Employment

Hr Harold Walker, a Labour Bill as “ an attack on the vers

memsand.theumonspedfra ^e^CbAs Wea of mde unTouW" ‘

closed shop, says the union. Waed Equity's case in the com- He told about 2,000 delegates

Closed shops are formed as soon puttee— though Hr Walker has at the Scottish Trades Union

as actors are assembled tor a stressed that it is not Labour’s Congress in Glasgow; " We want

P°ticy to achieve exemption you to -go back to your -places

w^ d from specific parts of the Bill, of work and warn your

lead to insuperable difficulties. tu q opposes the. Bill, and employers what these proposals

The acting profession, would be strongly against mean to them, and the c an-

as actors are assembled tor a
production, and any attempt to
disrupt the arrangement would
lead to insuperable difficulties.

The acting profession.

together with shipping, were Equity attempting to secure
both allowed exemption from “ favoured status.”

auption you to go back to your -places
tie BUI. of work and warn your
ill, and employers what these proposals
against mean to them, and the con-
secure sequences of them using the
legislation."

British Airways dispute
enters seventh week

Turkey plants
strike likely to
end on Monday

BY OUR LABOUR EDITOR

THE DISPUTE among British
Airways baggage handlers at
Heathrow enters its seventh

General "Workers’ Union and
the airline failed to produce a
settlement The union has said

THE SIX-WEEK strike at
Bernard Matthews turkey pro-
cessing ^plants in East Anglia is
Ukely to end on Monday, an
official of the National Union of

week without prospect of settle- it will agree to changes in work I Agricultural and Allied Workers

ment, while the company
claimed last night that workers
were continuing to return to
their duties.

BA said yesterday that about
150 of the 1,600 baggage
handlers had returned to work,
and that volunteers were con-
tinuing to help run a normal

patterns— the issue at stake —
but only if BA reverts to pre-
vious schedules for a three-week
negotiating period.

• A dispute involving baggage
handlers at British Caledonian’s
terminal at Gatwick ended early
yesterday morning. The -
handlers had walked out after

passengers- The disciplinary action was taken

company said the past week had
been the best for aircraft
punctuality over the year.

Talks earlier this week
between the Transport and

against a colleague for alleged
pilfering.

The TGWU agreed that the
company could Interview the
man over a number of incidents.

said yesterday.

The union has recommended
the 1,200-strong workforce re-
port for work on Monday to
vote on which of three separate
pay offers to accept. The offers
are: £6J50 over 12 mouths; £7
for 16 months, or £7.50 over 18
months.

. The union wanted a 15 per
cent increase on the baric
£67.71, a shorter week and an
extra week's holiday.

Shop stewards have decides
to recommend Monday’s rotes

Permanent arbitration bodies proposed

Tests set for laser aid to night flights

BY PHILIP BASSETT, LABOUR CORRESPONDENT

PROPOSALS

encourage the public sector and major in future Acas will offer con- narrowing the area of the dis-

bargaining groups to set up their industries, such as the arbitra- dilation even if the parties

Welsh business
courses kick-off

BY DAVID FtSHLOCK, SCIENCE EDITOR

standing arbitration tion arrangements for British have already agreed to &rbitra-

machinery are among the find- Rail. This was preferred to

pute “

Figures, included in the re-

suggests that view show that 19 out of 26

THE FIRST Small Business
Development Programme organ-
ised by the Development Board
for Rural Wales and the Man-
. power Services Commission fin-
ished yesterday,
r The nine-week programme,
designed for the development
board by Wales International
, Management Centre, is intended
to help people about to start
businesses which could create ,
jobs. ;

A BRITISH invention which
uses a laser to help pilots fly
high^perfgmance aircraft in
total darkness is on its way to
the U.S. for its first flight tests
this summer.

The laser is buried in one of magnificent job developing the
two small black boxes developed holographic head up display.

by Marcocd Avionics, as part of
a UJS. weapon system for night
fighting, called Lantirn.

Lantirn is the acronym used
by the U.S. Air Fores for low-

altitude navigation and target- windscreen in front on the pilot,
ting by infra-red at night. Marconi's latest invention
At a ceremony in London uses holography — another

yesterday, two ?»ma ii black boxes British invention for which the
were handed over to Col Russell late Professor Denis Gabor won
Boice of the U.S. Air Force. a Nobel Prise— to enlarge the
Col Boioe. from Wright- field of vision for the night-
Patterson Air Force Base in fighting pilot •

Ohio, said Marconi had done a The laser in the Marconi
agnificent job developing the system generates an image
>lographic head up display. much more efficiently than con-
The head up display is a com- ventional optics,
es marriage of optical and For the pilot the result is
ectronic ideas, originally that when flying in darkness,
iveloped in Britain, with pro- instead of trying to peer
cts flight information on the through a small “ port-hole,” he i
indscreen in front on the pilot is presented with a much i

ings of a review carried out by more ad hoc arbitration arrange- arbitrators should carefully awards are implemented wilh-

the Advisory, Conciliation and
Arbitration Service.

The .internal review, which

ments such as those for teachers
in England and Wales.

While acknowledging that

will probably be published early, members of standing arbitra-

in May as part of the Acas tkm bodies' “were liable, sooner

annual report, was conducted at or later, to * wear r out their
the same time the Government welcome”’ from an industry.

check proapsed terms of refer-
ence to see if arbitration is the
appropriate forum. ' ■

An internal Acas study shows
that aixkrp one-third of all
terms of reference are framed

out further contact, which the
review considers “a remark-
able result, considering that all
these . cares have been insoluble
in negotiation or conciliation."

A further internal Acas

pies marriage of optical and
electronic ideas, originally
developed in Britain, with pro-
jects fligit information on. the

was examining
arangements in
sector.

arbitration
the public

the Acas review suggests that
a standing, body's continuous
involvement in an industry

Hatton usually amounts to just

The broad conclusion of the should Increase its knowledge
Government’s review was that of it, provide for greater con*

Marconi's latest invention wider image of the terrain
uses holography— another below.

public sector employers should
try to alter existing arbitration

sistency and reflect a keener
awareness of the implications

arrangements where they pro- of arbitration findings.

vide for unilateral access

Acas suggests a rotation of

Balancing the law against liberty

OFFICE today 'THf* T-Tnmp Offirva ic onn vparc since been taken on, despiti
rates 200 years of existence A11C ITvlllv V/ULlvv lo 4vA/ j'C/dl?) department coming under
iriod in which it has had to same scrutiny as all ocher 1

old today. Lisa Wood reports

the need_ to meet the spicuous functions include

M

arbitration. This could deter- members on standing bodies,
mine the likelihood of imple- with perhaps three-year

mentation of some of the Acas
proposals.

The Acas review found that

appointments, to provide a
range of specialist knowledge.
The report proposes an in-

THE HOME OFFICE today 'TVna TTrirr

celeb rates 200 years of existence I1C XJ.UIJL

— a period In which it has had to
tread a fine line between funda^ rtlrl
ment human rights and liberty, V/.IU. lAJLlcij
and the need to meet the
demands of society.

For the Home Office, effec-
tively the Ministry of the
. Interior for England and Wales,

.is responsible for those “law
and order ” agencies of the state,
such as the police, prisons and
immigration controls which are
inevitably on the sharp end of
both public and ministerial
concern. •

The tightrope it treads can be
illustrated by the current
vociferous debate over increases
in reported crime. On the one
hand it was Mr William
- Whitelaw, the Home Secretary,
who commissioned Lord
Scarman’s investigation into the
Brixton disorders and who wel-
comed many of his recommenda-
tions on greater attention to
community or preventative
policing.

On the other, since the pub-
* lication of the latest crime
statistics, he has been faced by
a Police Federation, whose
numerical and financial
demoralisation he largely
alleviated, calling (for the .

restoration of capital punish- The Mi mster ts ho
ment. Members of ids own party ** ,e 3 r wi l ***"8 themselves.

“The Minister is hoping that if he gives his critics enough rope

have also criticised his liberal
regime.

Earlier this week Mr White-,
law, in announcing new police
powers to fight crime, was
attacked by the Opposition for
failing to recognise the relation-
ship between increased crime
and rising unemployment.

Social impKaatiotis of policy,
however, is not an area in
winch the Home Office wants
to become involved, given its
nervous path — other depart-
ments such as Environment
allocate money in areas such
as the inner duties. Similarly
it faces controversy, from with-
in its own services rand from
the public in other political
minefields such as immigration
and nationality, race and sexual
equality. The latter two are
Home Office quangoes operated
by Commission for Racial
"Equality and toe Equal Oppor-
tunities Commission*

. But It is salutary to note
..from the glossy 47-page booklet
put out by the Home Office for
: :its anniversary that opposition
:rhas often been more direct. In
1883, amid -the Fenian bomb
• -rand dynamite attacks, an
attempt was made to blow up
the Home Office.

The booklet states that in the
first decades of the 19th cen-
tury “the pressures of war
externally increased the anxiety
of the authorities over internal
disorders.” Lord Sldmouth’s
term as Borne Secretary {1812-
1822) was marked by constant
struggles to suppress riots and
demonstrations and maintain
order. This responsibility has
been a continuing preoccupa-
tion, whatever the political,
colours, or reforming zeal of
successive Home Secretaries.

The PUirt World War trans-
formed the relationship
between the Home Office and
the polks — Sir Robert Peel
as Home Secretory in the 1820s
being largely responsible for the
forces 3 formation — the depart-
ment .taking cm a greater role
of central leadership.

Today the Home Office's
police department is respon-
sible for the 119.500 policemen
in England and Wales although
the Home Secretory is only the
poBce authority for the Metro-
politan Pofitee, a position chal-
lenged by the present Greater
London Council administration.

The first Home Office,, set-up
in March 1782, h^d a staff of

20, including “the necessary
woman ” who cleaned and lit
the fires. Today with an
expenditure of about £2,000111
annually, the department
employs 35,000 peopde, includ-
ing 24,000 prison staff, in about
200 different units an d build-
ings spread across the country.
In London, alone, staff includ-
ing the whole of the prison
department headquarters, is
scattered over 20 braidings.
This unit was set up in 1963 as
part of the Home Office after
the dissolution of the Police
Commission.

Home Office duties have been
devolved over the two .centuries

since been taken on, despite the
department coming under the
same scrutiny as all other Civil
Service departments from Sir
Derek Rayner. Other less con-
spicuous functions include drug
control, legislation relative to
a n imals, gaming and licensing
laws. Home Office staff has
actually increased in the past
two years, reflecting the Gov-
ernment’s concern over Law and
order.

Strong criticism of the de-
partment’s role in race relations
came last year from the Home
Affairs Committee in its investi-
gation into racial disadvantage.
The department, which has
central responsibility in this
area, does not co-ordinate poli-
cies relating to racial matters
in other departments. Mr
Timothy Raison. Minister of
State at the Home Office, told
the- committee such a co-
ordinating role would probably
cause more friction than it
would resolve. But the com-
mittee said it was not content
“ that the Home Office should j
thus limit itself to the essen- !
tial passive role of spectator.”

However, the Government did
not share this view. The White
Paper on Racial Disadvantage
said individual departments
must remain responsible for
their trim policies and pro-
grammes.

However, in situations such
as the Iranian Embassy siege
in. May 1980, it as tie Home
O ffice w hich takes charge of the
Governments response to the
terrorists.

On the future of the Home
Office, Sir Brian CuSsbo®,
Permanent Under Secretary of
State, said: “In 1882 after our
first 100 years, the Home Office
was stniggling with the
ad minis trative consequences of
the flood of legislation In the
previous . decade: Sir William
Harcourt toe Home Secretary
had told Mr Gladstone the

arbitrators favoured the en- creased use of conciliation be-
couragement of standing arbit- fore a case is taken to

ration bodies, particularly in arbitration and suggests that

dunce between two options.

The review urges flexibility
In approach, with a willingness
to refer an issue back to con-
ciliation if arbitrator is in-
appropriate. It suggests the
establishment of a national
arbitration secretariat to ser-
vice key arbitration hearings.

Acas notes that in the public
sector in particular, disputes
procedures often have no pro-
vision for conciliation and move
straight to arbitration, even
thou&i “ conciliation, might
well have been effective in

splitting the differences be-
tween a. -union claim and an
employer’s offer. Many of toe
arbitration . awards were
within 10 per cent of toe em-
ployer’s offer, and only 7 per
cent of al awards fell outside
25 per cent of toe offer and 25
per cent of the claim.

Pay matters other than
general pay were toe main sub-
ject of dispute in the arbitra-
tion awards handled by Acas.

Acas initiated 51 per cent of
arbitration reference.

APPOINTMENTS

Finance director
for Bormah Oil

Watson, director .of training, wijl director with special responsi-
ve 1 as adviser on training until bilkies for the Installation and

his retirement on June 30.

*

Mr Bryan Hazlehurst has been

supplies division.

★

Mr James J. Campbell has

appointed as sales and marketing been appointed president of toe
jHrector _°* , MURPHY newly established trade- and

Mr M. J. Dowdy has been {Ductwork) and Mr L. A. Wallis

appointed group finance director managing director of Rosser and
of BURMAH OIL from June. He RusseH (Services 1. ^Afl appoint-

CHKMICAL. Formerly sales and
marketing director for the home
and garden and horticultural
sious, Mr Hazlehurst now

barter division of MASSEY-
FERGUSON.

★

Mr K. W. Cook, previously a

wRl succeed Mr L M. Urquhart meats ere from April L

who will be appointed chief
executive, Castroi Worldwide. Mr

cor ? m F cia J non-executive director of ELEC-
“Sutural TRONIC RENTALS GROUP, has

Lord Thomson of Monifieth

Dowdy is finance director of win join the board of the ROYAL

Sime Darby Bertaad, Malaysia.

BANK OF SCOTLAND GROUP
on April L Lord Thomson has

both Mmghy and Dow Chenucal ^tospecml «— ■

G_FEE5HAM LIFE ASSURA NCE served on the board of one of
SOCIETY and AMEV LIFE the group’s constituent banks.

DAVID

*

SMITH

(HOLD-

bUsty for finance and planning.
*

Mr Charles R- Connell and Mr

ASSURANCE I
Mr A. A. Tate
Stevenson gei
(administration)

E have appointed The Royal Bank of Scotland- for
Tate and Mr D. L some years but will be retin-
general manager quashing that appointment from
Son) and general March 31. Sir Peter Roberts will

roe of INGS) has appointed Mr Alan TnfL' c* Q "2 , S.
banks. Leigh to its board and managing
bL. for director, of its operatJns: ■ sub-

director of its operating ■ sub-
sidiary. David S. Smith. Mr Leigh
divisions, Mr HazelhurSt now
before joining the David S

manager (services) respectively be retiring from the group board Smith group, was sales director

of both companies. Gresham
Life and AMEV Life are part
of the inter nati onal insurance
group, NV AMEV.

★

Mr Edward D. Healey has

on the same date.

*

. Mr Tim Clarke, Mr Bill Allan,

Mr Lachlan Burn, Miss Jane
Murphy, Mr Richard Tapsfield
and Mr Jeremy Brown will be-

E^nmV a rRmTP r * M of linklaters

rUKNirURE GROUP. and PAINES, solicitors, on May

FURNITURE GROUP. AND PAL

* 3.

Mr Chris Lemberg has been
appointed dtief executive of Mr. J
SIMON ENGINEERING from appointed
April 1. He takes over from David Dr;

of Taylowe, part of BPCL
*

Mr p. C. KnechtU has been
appointed chairman of JARDINE
GLANVTLL in addition to his
responsibilities as chief execu-
tive of Jardine, Matheson and Co,
*

Mr D. R. L. Duncan of Charter-
house has been appointed chair -

5*0 **£3 <S. Hardman. Mr
D. R. Williams and Hr K. D.

appointed riblef executive of Mr. James Nldudson is S 8 "® G * Hardman. Mr appoints

SIMON ENGINEERING fro m appointed a director end Mr 2' „ "Jtiiams and Mr K. D. assistant
April l. He takes over from David Draper. Mr David Kemp, J * Cash 311(3 Carry “anagw.

Mr Harry Harrison who remains Mr Trevor Sllwerskl and Mr Sadd board of A E.

dudrnuzL Mr Lombenr was Michael Toft rare appointed SON, following the Mr Wl

appointed deputy chief executive managers of ROBERT FLEMING A E. Parr and Son been app

in 19S1. AND CO. Mr Anthony Golding Ca T 1 Carry, a sub- metals,

* a appointed a director rand Mr Charterhouse CARBIDl

SCOTTISH PROVIDENT INSTI-
TUTION .. Mr Connell is a
director of Charles Connell end
Co, and Mr Ross Stewart is
managing director -of John
Bartholomew and Son.

* .

Mr David Kirkpatrick is to
become an investment manager
of SCOTTISH EQUITABLE
LTTE ASSURANCE SOCIETY on
April ' 16 and will join the

society’s assistant executive. Mr
Michael Jackson has been
appointed to toe society’s
assistant executive as property

MECMAN has appointed Mr Richard Anseli, ffl? Stephen Hill,
Charles Challinger managing Mr Francis Ledwidge, Mr Mario

director. He wa$ sales director MaJt rand Mr Christopher Monro

of Kay Pneumatics.

are appointed managers of
Robert Fleming Investment

Mr J. M. Atkins has been Management Mr David Testa, a
appointed deputy chairman of director of T. Rowe Price

COX AND KINGS and its sub- Associates, is appointed chair-
sktiazy, COX AND RINGS man and Mr Martin Wade is

TRAVEL, air Atkins is also appointed president of Rowe
deputy chairman of Good T*? 6 * Fleming International, toe

acqugtion of A. E. Parr and Son
by M6 Cash and Carry, a sub-
sidiary of the Charterhouse
2°J P ’ A. E. Parr, the founder
of A. E. Par r and Son, intends
to retire shortly and has accepted
the honorary position of presi-
dent Mr David. Parr remains a
director of the company and will
lead its management team.

IN TERN ATIONAL paint.
INDUSTRIAL COATINGS has
appointed Mr R. N. Doidge-

to specific departments - war ^

in 1794, colonies in 1801, local prisonSt

government in 187L factory in- become a new

Ipectorate in 1945 and Noitoern 2K t ^

Relations Group and • ch airman joint venture- of Robert Fleming
of East Kent Packers. aoti T. Rowe Price which

•* manages international portfolios

Harrison as tfirector respo
for -packagmE and end

Mr 'William 9. Hamilton has
been appointed, general manager,
metals. Europe, for UNION
CARBIDE UK R* wifi continue
to- be based in Glossop.

Mr John R. Clayton, managing
director PAULS AND WHITES,
and Mr Hugh PWlbrick, njanas*
ins director, PAULS AND
SANDARS, wlH be retiring later
Ibis year. Mr George Paul will
become managing director of
Pauls and Whites; Mr Peter
Sinunonds will join toe group

le board

Ireland in-1972.

The Northern Ireland .Office
came into being as a separate
department after the troubles
developed in Ulster. It was set
up under Mr James Callaghan
and Mr Reginald Maudlins, the
then Home Secretaries, and
commanded more time, re-
sources and energy than the
department was able to afford.

New responsibilities have

police etc has become a new
chapter of business each, almost
equal to toe whole of the former
work of the department’

“A year iater the Home
Office was faced -with Fenian
violence; attempts to blow up
the Horn*. Office itself and the
Times office,

“I do not attempt to look
forward to 2082 ... I know only
that 1982 will produce for the
Home Office new problems' and
new crises not at present
forseen.”

j Mr Gordon M. Bain, assistant Tor V - 8 *- UMtttutions. Ail ;

I general manager of Tyreservices ments ■ ap ® ifrom April 1.

Great Britain, has been elected „ *

I president of the NATIONAL “*■ Anthony B. Hngt
TYRE DISTRIBUTORS. been appointed to the mai

* of T. COWIE, responsible

Mr David A. Russell, chairman management of Cowle FJ
of Rosser and Russell (London), Services. Mr Hughes hJ
assumes -the additional responsi- managing director of Cora
btiity of managing director foi- tract Hire for toe past flv<
lowing the departure of Mr M. *

B. G. G. Swain. Mr George E. From April 5 Mr J. M. Y.
Sharp is appointed a director of Dickens, director of manpower
ROSSER AND RUSSELL (the services at the NAT”
group’s holding company). Mr WATER COUNCIL. will
Denis Kelly is appointed chair- director of manpower and
man of Rosser and Russell Ing. From that date Mr

manages international portfolios ** Jonathan Paul wjftl join the

for U.S. institutions. All appoint- ^gts.jmd Mr D. Shaw as jrrouo bourn manaff-

manufadhtriDg director.
*

group board and become manag-
ing director,' Pauls Agriculture
★

Mr Anthony B. Hughes has Apri^SJ Mr D. L- Stebbhigs KENTJNC DRILLING

been appointed to toe main board PTtFi^rt'T tmTSwEE? fr 2P " has appointed Mr

of T. COWIE, responsible for the **" ***** Boyd a* ^rector of

management of Cowie Financial SJjJr M™ «wrfcetjng. Ultimate holding
Services. Mr Hughes has been R rl company is IVimec, Calgary,

managing director of Corarle Con- SLA-5kVtf%S.^ W, 5 0ama ^ ' '

tract Hire for toe past five years. * nd - ; *

Mr L Taylor become partners. ' Mr Ian ®f. Siu»u h»« boss

Mr Ian. W, Russell has beea
‘.promoted to flnawclri controller

D SS. mSWSE 5 ~ .

director of manpower and train-
ing. From that date Mr E. w.

tor and company secretary and appointed

Beverley.. .Waterhouse

Roden
to . the

have beefl
: hoard

ANTHQNY LUMSDEN GROtJB

j

Financial Times Saturday March 27 1982

Policy

'3k

UK NEWS-THE FINANCE BILL

\ * > *•?

VV. Kl '> plant,
^ i,n Mo®

loosed

CAPITAL GAINS

The clawbacks on indexation

SOME OF the most tortuous
and incomprehensible proposed
legislation seen in a Finance
Bill for some years is contained
in the Chancellor's promised
indexation of capital gains As
expected, the proposals permit
individuals and companies to
reduce their chargeable capital
gains, by a factor to be known
as the indexation allowance.

This allowance is calculated
by applying the increase in the
Retail Prfee Index from the
later of March 1982 and 12
months after the date of acquisi-
tion to the month in which the
asset is disposed of. The cost
to which this factor is to be
applied (the relevant allowable
expenditure) is the original cost
of the asset .

For assets acquired after
April 6 1982 full indexation of
costs is therefore achieved, sub-
ject to the first 12month rule.
Enhancement or improvement
expenditure is also indexed from
the date when the expenditure
is reflected in the value of the
asset

For assets held at April 6

MORTGAGES

1982, however, the indexation
allowance is much less valuable
as it is original costs and not
the value at April 6 1982 which
is subsequently indexed.

The Inland Revenue has,
therefore, avoided giving any
relief for the high inflation
years of the 1970s.

Ever watchful, thou gh , the
Revenue has proposed further
restrictions on the use of
indexing. The mechanism for
calculating the indexation
allowance first requires the
comparison of actual costs and
proceeds to ascertain whether
there is a money gain. Only if
there is such a gain may it be
reduced by the indexation
allowance, and even then only
to niL In other words, indexa-
tion may not itself create or
Increase a loss.

Hitherto, shares of the same
class held in the same company
have not each been regarded as
separate assets but as a pooL
When more shares are acquired
the number and cost are added
to the pool. When shares are
disposed of, their allocated cost

is an average of the cost of all
pool shares.

Now that It is necessary to
define asests by date and cost
of acquisition, it is no longer
possible to pool shareholdings
at aH. Accordingly the pool
existing at April 6 1982 is
frozen, and subsequent acquisi-
tions are regarded as separate -
assets.

On each later disposal the
Bin proposes that shares are to
be identified first with any
acquired in the previous year,
and then with those acquired
previously, but on a last-in, first-
out basis.

This rule means that the In-
dexation allowance is minimised
since the shares acquired latest
are regarded as sold first.

Special rules are also found
dealing with disposals and
acquisitions of shares during
1981/82 since there is no easy
way of enforcing the 12-month
waiting period to pool move-
ments during that year.

In such cases the shares
acquired in 1981/82 and in par-
ticular those which have

been bed-and-breakfasted since
Budget Day are treated as sep-
arate assets and not pooled. No
general attack on bed and
breakfast deals is, however, to
be made.

There will undoubtedly be
efforts to remove some of the
anomalies in the detailed pro-
posals as the Bill progresses.
But even if no changes are pro-
posed the indexing of capital
gains is a major new relief.
That the cost to the Revenue is
small is a comment on the exist-
ing reliefs and exemptions and
on the number of individuals
realising money gains rather
than on the Chancellor's geher-

Indeed, it must be doubtful
whether much, if any, tax on
capital gains wfli now be col-
lected. Leaving aside old assets,
on which pre-April 6 1982 gains
will be chargeable in full, it is
new necessary for the money
value of assets to outpace the
Retail Price Index in order for
any tax to be payable.

John Underhill

A changing pattern of repayments

MEASURES PROPOSED in the
Finance Bill mean a funda-
mental change in the way home
owners pay their . mortgages.
The affect the way in which
borrowers receive tax relief on
their home loans.

At present the average home
owner pays his monthly mort-
gage repayments gross. The
appropriate level of tax relief
i; deducted from the borrowers'
..wome tax payments under the

l-AYE system.

Ecwever, the Government is
proposing th^t. from April 1983,
mortgage repayments will he
paid net of tax relief. The
administrative burden of pro-
viding mortgage interest relief
at source will fall on the lender
— the building society or the
bank.

Mortgage tax relief is allow-
able only against the interest
paid on a loan. Under the pre-
sent system interest payments

MONTHLY REPAYMENTS ON A MORTGAGE

likely impact of changes as these w9f affect a 25-year loan at
_ 115 per cent over the first year

£104)00

flSJWO

£204)00

Gross repayment

£117-50

£17635

£235

Net payment after
tax relief.

£8X75

£12542

£167.50

New net repayment
from April 1983

- £88

. £132

£176

are at their highest during the
early years of a loan: so this
is when tax relief is at its
highest.

Societies now propose to
spread the burden of interest
payments more evenly over the
life of a loan. As a result the
level of tax relief available krill
be lower during the early years
of repayments.

The effect of this will be that
net repayments in early years
will be slightly higher than at
present

Building societies however
say that they wtil provide alter-
natives for borrowers who
object to increasing net repay-
ments in the early years. This
will involve extending the life
of the loan.

Under the new system deduc-
tions for mortgage interest
relief will be calculated using
the basic rate of tax. For
higher rate taxpayers — com-
manding a greater level of
relief — the system becomes
slightly more complicated.

It is planned that any dif-
ference between the basic level
of tax relief and that available
to higher rate tax payers will
be taken account of when cal-
culating income tax liabilities
— on similar lines to the pre-
sent system of providing for
mortgage tax relief.

The new system may assist
the self employed who, because
of fluctuating profits, can find
themselves With insufficient
income to absorb tax relief
allowances. Under the new pro.
posals tax relief on mortgage
interest woidd be provided
irrespective of income levels.

Andrew Taylor

TAX ADMINISTRATION

Revenue to benefit from changes to rules

MOST OF the changes to tar
administration are ' w the ad-
vantage of the Inland 'Revenue,
rather than the taxpayer— even’
if it is the tax inspector who
has been responsible for a
mistake.

There Is one exception which
will enable a taxpayer to make
a late application for postpone-
ment of tar if his circumstances
change. . .

Under the present rules even
if an appeal against tax is
lodged, a taxpayer must ask for
postponement of tax within 30
days, otherwise be can never
make the application, no matter

bow his circumstances alter.

The traditional way out of thi &
has been to ask for postpone-
ment of £1 tax as a matter of
course, just in case the facility
is needed later. The new and
clearly much fairer rule will
allow a person to ask for a late
make the application for post-
ponement, no matter how his
circumstances alter.

The next clause in. the Bill,
however, could prove very
costly for some taxpayers
involved in incorrect assessment
and payments particularly if
some technical disagreement
goes to the courts and drags

through appeal stages for years.

At ,the’ • moment if the
Revenue assesses tax, for what-
ever reason, at too low a level
and subsequently issues a
revised, higher demand it is to
the j^eat advantage of the tax-
payer to agree the lower figure
and dispute the higher figure,
dragging the disagreement out
for as long as possible.

This is because interest
starts to accrue to the Revenue
on the excess amount due only
18 months after the date when
the . new figure was finally
assessed. The new rule will
make -the interest payable 18

months from the date of the
original low assessment — in
effect, giving the Revenue the
possibility to charge interest on
the basis that it would have
been able to if its first estimate
had been correct rather than
too low. .

A third clause relates to mis-
takes made by the Inland
Revenue which result in repay-
ments of too much money to
taxpayers.

A nasty catch here is that
the assessment may neat the
repayment as unearned income

Robin Pauley

CLOSE

COMPANIES

Tax relief
for some
managers in
buy-outs

MORE EMPLOYEES of small
companies should be able to
claim tax relief on money
borrowed to buy shares in
their business — thanks to
Clause 43 of this year’s
Finance Bill.

There may well be criticism
of this measure at the
committee stage, however,
because some observers feel
the Government has not gone
far enough.

Clause 43 creates an altern-
ative test for interest on
money borrowed to invest in
a close company. At the
moment this relief Is available
only if the borrower owns
mrfre than 5 per cent of the
shares — a restriction intro-
duced largely to stop assets
being, say. moved around a
family at the taxpayer’s
expense.

Under the proposed legisla-
tion a borrower will qualify
if he owns any shares at all
and he “ has worked for the
greater part of his time in the
actual management or con-
duct of the company or an
associated company of the
company.” .

Anyone who thinks that
this is going to help managers
In all management buy-outs
and employees of Govern-
ment-owned businesses sold
to the private sector — who
might for example, be ad-
vised to borrow cash from the
bank rather than use their
own savings to take op their
equity entitlement — is going
to be disappointed.

The reason Is that the new
clause is restricted to dose
companies. “Close” companies
were first defined In the mid-
1960s. when a body of legisla-
tion was developed to prevent
the shareholders of such com-
panies avoiding tax. Although
dose companies have a num-
ber of characteristics the most
important Is that they are
controlled by five or fewer
people— one “persota” in-
cluding associates such as his
wife and family. It is pos-
sible for pnbffc companies to
be “close” but this is rare be-
cause companies where 35 per
cent of the shares are publicly
owned are automatically ex-
cluded.

Clause 43 will take effect In
relation to tnterest pafd on or
after March 10, 1982.

While it will obviously
encourage shareholders in.
some small . companies, its
application seems likely to
be limited.

- Mr David Tallon, of
Deardon Farrow, accountants,
says .that participants in the
bigger management bny-onts
and employee bny-onts— “a
trend which is going to con-
tinue”' — will not qualify

“I think there may be
quite a lot of discussion about
this at the committee stage,”

Tim. Dickson

UNQUOTED COMPANIES

Flexibility in equity finance

THE Finance Bill proposes
legislation to enable unquoted
companies to buy in their own
shares without tax penalties.
The aim, as outlined by the
Chancellor in the Budget, is to
increase the attractions to the
entrepreneur of offering shares
to outside investors. Investors
will also be less likely to be-
come locked in.

Provisions in the 1981 Com-
panies Act made it possible for
all companies to purchase their
own shares. However, the
money paid out would normally
be treated under tax law as a
distribution, and would be sub-
ject to advance corporation tax
payable by the company and in-
come tax payable by the share-
holder.

Although this tax treatment
has been retained for quoted
companies, the Government has
accepted that concessions should
be made in respect of smaller
companies which may benefit
from greater flexibilty in equity
finance.

One objective is to make it
possible for proprietors to ad-
mit outside shareholders for a
limited period. Under the pre-
vious tax regime, such investors
might well have been locked in,
a position - unwelcome to both
sides.

It will be necessary to show
that such purchases by a com-
pany of its own shares will

OIL TAXATION

benefit the trade. Relief may
also apply where it is desired
to buy out a dissident share-
holder, and to make provision
for capital transfer tax on
death, in hardship cases.

This exemption to distribu-
tion taxes on share purchases
will apply to unquoted com-
panies (including companies
traded on the Unlisted Securi-
ties Market). The company
must be either a trading com-
pany or the holding company of
a trading group.

The redemptions or purchases
must be made wholly or mainly
for the purposes of “benefiting
a trade carried on by the
company.” . When a main
purpose is to enable the share-
holder to participate in the
profits of the company without
receiving a dividend, or is tax
avoidance, arrangements are
disqualified.

Many conditions are imposed.
For instance, the shareholders
must be resident in the UK
and have held the shares for at
least five years.

The exemption for the
purposes of paying CTT will
apply if substantially the whole
of the money paid for the shares
is us ed to meet a liability' for
CTT charged on a death. It
must be so applied within two
years of the death.

However, the Finance Bill
also provides that this exemp-
tion shall not apply to the

extern (hat the liability could
have been otherwise discharged
“without undue hardship.”

These changes in the tax law
are designed to make the
financing of small businesses
much more flexible. The Chan-
cellor made it clear m the
Budget, however, that he
thought it wrong to make
changes which could make it
possible to pay out what would
amount to tax-free dividends.

Qualifying purchases of their
own shares by companies under
the proposals will render share-
holders liable only to capital
gains tax.

Because the proposals do not
apply to quoted companies, it is
unlikely that it will be common
for such companies to take
advantage of the concessions in
the Companies Act.

However, in on*? respect the
Finance Bill makes a provision
which could be relevant for
listed companies. Clause 47
provides for a dealer to bo
liable only for his normal 13X
l real mem in respect of shares
sold back lo a company.

The idea is that a dealer such
as a Sloek Exchange jobber will
not have lo worry about
whether he is selling shares to
the company or not. Under the
Stork Exchange dealing system
he would not know the pur-
chaser's identity.

Barry R3ey

Tax yield to remain at £6.2bn

THE OIL tax provirions of the
Finance Bill add relatively
little to the changes outlined
by the Chancellor in his Budget
speech.

Last night neither oil com-
panies nor industry analysts
were showing much excitement
over the fine print of the new
oil tax provisions. As Mr Alan
Thomas, an analyst and partner
with stockbrokers Kitcat and
Aitken put it: “Everyone was
disappointed at the time of the
Budget but now what people are
really interested in is details
of the proposed changes in
allowances.”

A consultative paper on
changes in the North Sea ex-

penditure allowances that can
be offset against tax was
promised “ shortly ” by the
Chancellor. The paper is now
expected to be published in the
next couple of months.

Meanwhile the Finance Bill
spells out the main changes that
are to be made in uil and gas
tax — changes that will leave the
coming year’s tax yield from oil
and gas fields largely unaltered
at around £6.2bn. The main
provisions are:

• The ending of Supplementary'
Petroleum Duty after the end
of this year.

• A complementary increase in
Petroleum Revenue Tax from
70 per cent to 75 per cent

starling on January - 1 1983.

• Advance PRT payments —
equal to 20 pe reenl or gross
revenues less an oil allowance
of lm tonnes a year— will be
able to he carried forward and
offset against PRT. Previously
© PRT to he payable on a
monthly haris instead of every
six months as ai present.

4 New rules for paying lav on
ethane gas when it is used as
a raw material for making
petrochemicals.

The structural changes pro-
posed in the oil tax system will
reduce the marginal rate from
90.3 per cent to 89.5 per cent.

Sue Cameron

INDUSTRIAL BUILDING

Scope for allowances widened

DEVELOPERS AND property
investors have been waiting
anxiously for amplification cf
the Chancellor’s remarks in his
Budget speech about measures
to widen the scope for indus-
trial building allowance to in-
dude premises being used for
“ certain servicing, repairing
and warehousing purposes.”

Further details of the scheme
are contained in the Finance
Bill, hut not for the first time,
the property industry is likely
to feel that these proposals
have not gone far enough.

The issue is particularly
important for the nursery
factory market Developers
enticed by the prospect of 100
per cent building allowances
have simply Dot found enough
tenants who comply with the
strict definition of a qualifying
industrial use. As a result many
of these units remain unleL

The .Government has now
decided to widen the definition
“industrial use” for building
allowances — including "5 per
cent allowances for larger units.

Under the new arrangement
premises used for maintenance.

repair, storage and warehousing
will also qualify for industrial
building allowances, provided
. that the goods and services are
connected with an acceptable
industrial process.

Premises operated under
licence for industrial uses are
also to be brought within the
scope of industrial building
allowances. However buildings
used for storage for retailing
purposes are specifically
excluded from the new
measures.

Andrew Taylor

Capital gains tax and the indexation allowance

IN HIS Budget Statement, the
Chancellor announced that,
from April 1982, gains will be
calculated after taking account
of inflation which occurs after
that date. He said, however,
that no relief would be given in
respect of the .first year of
ownership as it would not be
appropriate to extend relief to
assets bought and sold within a
comparatively short period of
lime. The Finance Bill Chows
how it is intended to give legis-
lative form to these proposals.
The indexation allowance

1 The Bill provides for an

indexation allowance for dis-
posals on or after April 6 1982
(or April 1 1982 for companies).
It is to be arrived at by multi-
plying the allowable expendi-
ture by a figure determined by
the increase in the RPI between
March 1982 (or the month
which is 12 months after the
month in which the expenditure
was incurred, whichever is the
lateT) and the month of dis-
posal of the asset. The indexa-
tion allowance will not be
allowed to create or increase a
loss. S ome adaptations of exist-
ing capital gains tax rules are
explained below.

Transfers mi a no gain/no loss
basis .

2 — Under the existing capital

■ gains legislation, transfers
between husband and wife, aim
also between companies in a
group, are deemed to rase
place at a value such that
neither a gam a .off

accrues. The new relief will no
taken into account in JJJ*
transfers. Moreover, after suen
a transfer, the husband or wfe
or, . as the case may be, the
transferee company will not
have to hold the asset tof JJ
months before qualifying for
further retf&f-

Other “ rollover ” reliefs

3— There are a number
reliefs in the

gains legislation whereby on a
disposal or port disposaf of an
asset the tax charge is deferred
hy deducting llw Jjljn
allowable expenditure- The
major examples are tile g^eral
relief for gifts and the relief
for the replacement of business
assets. In the case of a gin,
tlie amount to be rolled over
will lake account of any relief
available up to the date of the
transfer but the donee win have
to hold the asset for 32 months

after the transfer before any
further relief begins to accrue.
Other rollovers wilj_ be dealt
with in a similar way..

Shares: identification rales

4 — Under the existing capital
gains legation, most shares of
the same class in a company
which are held by a person are
treated as being in a pool (there
are some exceptions, mainly for
shares held on April 6 1965).-
A share pool is treated as
a single asset, growing <*r
diminishing as additions or
disposals are made; once in a
pool, shares lose their separate
identity. Because the new relief
cannot apply to, or create, losses
and also is excluded for the
first year of ownership of an
asset, it will not be possible to
retain the pooling rule for
acquisitions on or after April 6
1982 (April 1 1982 for com-
panies). These will not be added
to existing share pools bat wall
be subject to new identification
rules. Subject to' the provirions
.referred .to in .paragraph 6
below, the share pool at its 1982
cost will be treated as a single
but separate asset.

In accordance with the new
identification rules, disposals
will be considered in chrono-
logical order, the earidest
disposal first On each disposal,
shares will be identified first
with shares acquired in the
previous 12 months,, on a first
in first out basis; and next with
shares acquired more than 12
months before disposal, on a.
last in first out basis. The
identification rules wiB be
modified 5n the case of certain
transfers * of shares between
husband and wife and between
companies in the same group.

9— Any tax liability on dis-
posals in - -1981/82 will not be
affected. There is. however, no
straightforward way of applying
foe 12-month waiting period to
acquisitions of pooled shares in
that year. The Finance Bill
therefore contains rules for
calculating the indexation
allowance where the cost of
shares in a pool- in April 1982
is higher than il was in April
198L The general effect is to
treat part of the April 1982
holding as acquired, for index-
ation purposes, during 1981/82.
In addition, where there is no
such excess but in tile period
from Budget Da? .(March 9) to
the end of 1981/82 the share

pool, or part of it, bas been
disposed off and replaced by
fresh shares, these are to be
treated as acquired on the
replacement date.

7 — The existing rule whereby
shares acquired in a rights or
bonus issue are treated as the
same asset as the shares to
which they relate is not changed.
When a person gives, or
becomes MaMe to give, any
consideration for such shares,
that consideration wiH, however,
be treated, for the purpose of
calculating the indexation relief,
as being incurred at that time
mid not when the expenditure
on the original shares was
incurred. The shares will need
to be held for a fuyfher 12
months before relief starts to
accrue on the amount of foe
new consideration.

Benefits in kind

THE Finance Bill contains
technical provisions designed
to clarify, and amend the law
(Sections 36 and 36A Finance
[No 2] Act 1975) dealing with
the taxation of benefits in kind
provided to employees, (what-
ever their earnings level) by
means of “vouchers” and credit
cards. This notice describes the
general purpose of those pro-
visions all of which are to take
effect from April 6 1982.

Credit cards (“ Credit-tokens ”)

1 — Finance Act 1981, which
with effect from April 6 1982
introduced Section 36A into the
Finance [No 2] Act 1975, relied
for its -definition of credit-token
on the Consumer Credit Act
1974. But that definition, while .
satisfactory in many respects,
is in some-ways too narrow and
too technical for the purposes
of identifying the cards which
are commonly used to provide
benefits of the type at which
Section 36A is aimed. Accord-
ingly, Clause 40 of the Finance
Bill contains a new definition
retaining the main features of
the Consumer Credit Act 1974
definition, but dispensing with
some of the technical refine-
ments which while proper to
the Consumer Credit Act are
irrelevant, or unnecessary in
the context of benefits in kind.

2 — The new definition, like
the old, is intended to cover
ordinary credit cards, charge
cards, retailers* own credit

cards, cards designed to
facilitate the purchase of
specified goods or services and
generally any card which
enables an employee to obtain
goods or services leaving his
employer (or some other
person) to pay the bilL It is
not designed to cover ordinary
discount cards issued by
employers (eg retailers) to
their employees enabling them
to buy goods from their
employer at less than full retail
value.

3— It was originally proposed
that the amount of the benefit
to be taxed should be the foil
cost incurred by the employer
or other person providing the
credit card, including any initial
or annual charge for the issue
of the card by the credit card
company and any interest
charged for late payment- How-
ever, to avoid the need for
apportionments of small
amounts and the possibility
that employees could be penal-
ised by the failure of their em-
ployers to settle their accounts
promptly, it is now proposed
that the charge under this sec-
tion shall be confined to the
actual cost of the goods or ser-
vices obtained by the employee
using his employer’s credit card.

Vouchers

4 — It is proposed to amend
Section 36 Finance (No. 2) Act
1975 in two respects and to
modify the detafled way in
which that section works to
bring it more closely into line
with Section 36A (credit-tokens)
and other provisions relating to
benefits in kind. Firstly, it is
proposed to extend the defini-
tion of “ voucher ” to indude a
“ cheque-voucher.” that is, a
cheque issued to an employee
enabling him to obtain goods
or services for his own use. The
Finance Bill provision is de-
signed to ensure that such a
cheque is treated in the same
way as if it were a “ voucher "
(as defined in Section 36k and
the employee will be liable to
tax on what it costs his em-
ployer to provide the benefit
obtained. This provision is
needed because it is sometuqgs
doubtful whether a tax charge
arises under existing legislation.
Secondly, effect is given to the
assurance given to Parliament
last year by the Chief Secretary
(Official Repoa July 19 1981,

Col 1320) that travel concessions
enjoyed hy lower-paid employ-
ees of British Rail and other
passenger transport undertak-
ings would be excluded from
the effects of Section 36 as it
applies to season tickets.

Changes on strike
pay and benefits

1 — Clause 29 of the Finance
Bill introduces three amend-
ments . to the legislation in
Sections 27-29 of the Finance
Act 1981 bringing into tax bene-
fits paid to the unemployed and
to strikers. These are as follows:

2 — First, the starting date for
bringing these benefits onto
tax is changed from April 6
1982 to July 5 1982. Section
27(11) of the Finance Act 1981
provides for a starting date of
April 6, but the Financial
Secretary to the Treasury
announced in the House of
Commons last year (Hansard,
Written Answers, October 27
1981, Col 340) that this starting
date was to be deferred to July
5.

3 — Second, the clause makes
some minor amendments to the
provisions in last year’s Act
defining supplementary benefit
which 1s to be taxable when
paid to the unemployed. The
general effect of these amend-
ments as to ■ ensure consistency
of treatment by bringing into
tax certain additional payments
of supplementary allowance.
These are payments made in
the period before a claimant has
established -entitlement to
normal benefit: In the period
after a claim has been made but
before the first payment of
normal benefit is actually due;
or in a period where a claimant
is disqualified from entitlement
to normal -benefit (for example,
because he has unreasonably

restricted the type of work he
will undertake).

4 — Third, the clause makes
some drafting amendments to
the 1981 legislation which take
account of a proposed change
to Section 5 of the Supplement-
ary Benefits Act 1976. This is
the section which applies the
condition of registration and
availability for employment to
which a person’s right to
supplementary allowance is
normally subject The drafting

amendments in the Finance Bill
clause make no change to the
substance of the Finance A.
1981 legislation.

Allowances for sick
leave and maternity

1— Clause 28 of the Finance
Bill clarifies the tax treatment
of maternity pay, some allow-
ances paid under job release
schemes' and (when it comes
into payment) statutory sick
pay tinder the Social Security
and Housing Benefits Bill. In
the case of maternity pay and
of taxable job release allow-
ances • ‘ where the correct
schedule of charge has hitherto
not been specified, the legisla-
tion brings all payments within
Schedule E from April 6 1982
providing statutory authority
for the existin g (partly con-
cessional) treatment as earned
income. The concessional treat-
ment trill apply to all payments
for periods beginning before
that date. In the case of statu-
tory sick pay the clause ensures
that when that scheme is intro-
duced all payments will be
clearly taxable under Schedule
E.

2 — Tbe Clause does not affect
the tax treatment of allowances
payable under job release
schemes applying only to
women aged 59 and men aged
64, which remain exempt by
virtue of Section 30, Finance
Act 1977.

Industrial buildings
and small workshops

Clauses 59 to .61 of the Fin-
ance Bill implement the Chan-
cellor’s proposals, in his Budget
Statement, to widen the scope
of the industrial buildings
allowance, and to extend, for
two more years, the special 100
per cent initial allowance for
very small industrial units
under the small workshop
scheme.

The small industrial workshop
scheme

1 — Under the small workshop
scheme, introduced in March
1980, a 100 per cent initial
allowance is available for ex-
penditure on the construction of
small industrial premises not
exceeding a floor space of 2,500
square feet. The scheme runs
for three years, until March

1983, and its purpose has been
to encourage the development
of workshops for small and
emerging industrial businesses
many of which have found diffi-
culty securing suitable pre-
mises.

2 — The scheme has been
highly successful, particularly in
encouraging the construction of
industrial workshops at tbe
upper end of the size range,
where the Department of Indus-
try estimates there has been a
five-fold increase in construc-
tion. There has, however, been
relatively little development of
the smallest units, for which
there remains on unsatisfied de-
mand. The Government pro-
poses, therefore, to provide a
further period during which the
special tax incentives will be
available for the construction
of this type of very small work-
shop.

3— Clause 59 of the Bill ac-
cordingly provides that the 100
per cent initial allowance will
be available until March 1985
for expenditure on the construc-
tion of industrial workshops not
exceeding 1,250 square feet.

4 — The small industrial work-
shop scheme will also benefit
from the widening of the gen-
eral industrial buildings allow-
ance described in the following
sections.

Industrial buildings allowance
— extension to premises let
under licence

5— 'The industrial buildings
allowance — which consists of an
initial allowance of 75 per cent
followed by annual writing-
down allowances of 4 per cent —
is available for expenditure on
the construction of industrial
buildings and structures.

6 — At present, the allowance
is available for industrial build-
ings which are occupied under
lease or tenancy. Some in-
dustrial premises especially
sma<l 1 workshops, are however
used under a licence, and at
present they do not qualify for
the initial allowance. Licence
arrangements are -particularly
helpful for new business start-
ups, because they impose on the
tenant only a short-term com-
mitment and a minim um of
other obligations; and the
Government wishes to see them
covered by the industrial build-
ings allowance.

7— Under Clause 60, there-
fore. industrial 'buildings used
by licensees of the owner (or of

the lessee) will be able to
qualify for the initial allow-
ance-75 per cent in tbe case
of an ordinary industrial build-
ing and 100 per cent in the case
of a small workshop.

8 — Where a building is used
by more than one licensee, the
allowance will be available
(under sub-clause 3} so long as
all ihc licensees are carrying on
industrial businesses within
the terms set out in Section
7 (l) of the Capital Allowances
Act 1968.

9 — Under sub-clause (4), this
widening of the allowance takes
effect in respect of licences
granted on or after March lo
1982.

Industrial buildings allowance

— extension to maintenance

and repair businesses

10 — The Government
proposes that premises used by
businesses for tbe m^ntenance
or repair of goods and materials
Should in future qualify as in-
dustrial buildings entitled to
the industrial buildings
allowance.

11 — Clause 61 accordingly
widens the definition of an in-
dustrial building under Chapter
I of the Capital Allowances Act
1968, lo include premises used
for these purposes. This ex-
tension of the allowance does
not. however, include premises
which are lor form pan of) a
retail business; nor premises
which are used by a non-
industrial business to maintain
or repair goods or materials
employed in that business.

12 — Under sub-clause (2).
this provision takes effect on
March 10 1982.

Industrial buildings allowance

— warehousing and storage

13 — In his Budget statement.
The Chancellor said that certain
warehousing activities would be
brought within- the scope of the
industrial buildings allowance.
This follows from a new prac-
tice - to be adopted by the
Inland Revenue, in the light of
a recent court decision, under
which the allowance will, in
broad terms, be available for
buildings used for warehousing
and storage by traders and
wholesalers, where the goods
involved are to be used Horan
industrial process. The
allowance will not be extended
to premises used for storage
for retailing purposes.

14 — This change wHI not re*
quire legislation.

.y

Financial Times SaUuday March 27 1982

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THE WEEK IN THE MARKETS

No sign of spring in equities

Waiting for the spring-tide of
company results, th e equity
market has been going nowhere
very much. In the two-week
account which ended yesterday,
the FT 30 Share Index fell 5.5
points to 555.2, a movement of
just under l per cent.

One reason for this Lack of
impetus is an expectation, that
as the results accumulate, so
will the rights issues mount up.
This week gave a foretaste,
when STC. Tilling, and Vickers
raised over flQOm between
them. In bringing out its figures
a month earlier than usual, sug-
gesting that it could not book a
suitable date in the Bank of
England’s new issue queue^
Vickers provided a good argu-
ment that the cash-raising traffic,
is going to be pretty congested
in the weeks ahead.

LONDON

ONLOOKER

money market, dispelling all
hope of an early cut in clearing
bank base rates.

More worryingly, the news
from industrial companies does
not give much evidence of
industrial recovery. GKN,
Lucas, and other leaders have
cut out a lot of costs, but the
level of demand remains pain-
fully low. Yesterday Metal Box
announced that the manage-
ment’s earlier expectation of
sustained improvement had not
materia Used, and more capacity
would have to be closed.

There has also been a halt to
the recent strong trend in gilt-
edged. At the end of the week,
moreover, sterling came under
pressure, falling on Friday
almost to $1.78. The pressure
was transmitted to the London

Lucas* lights

Lucas’ decision to maintain
1980‘s dividend, against a pre-
tax loss of almost £221m had to
be seen in the .light of a second
half profit of £24m, adding back
redundancy costs. Then the
share price had jumped 24p os
the news,- with -the feeling that
the comer had been turned.

However, last week’s announ-
cement of pre-tax profits for
the . half, year to January of
£9.3m (again adding back re-
dundancy costs) was below
dwindling market expectations
and dimmed hopes for a quick
recovery.

The vehicle equipment side
managed to break even, after
losses of £35m in the compar-
able period, but this was as a
direct ' result of rationalisation. -
The expected upturn in vehicle
production did sot appear, and
in the U.S. demand for diesel
engine equipment fell.

In the more glamorous
Aerospace division there was a
nasty sting in the tail. Order
books for components had been
at record levels at the begin-

ning of the year, but then Rolls-
Royce’s RB211 engines, an im-
portant source of business for
Lucas, received a series of
blows. Sales of the long range
Boeing 747 fell, and in Decem-
ber Lockheed decided to end
TriStar production. Then in
January the Government an-
nounced a slow down in the
Tornado programme.

Lucas’s reaction was to cut
its workforce in Burnley by
over a third, but start up costs
on other programmes needed
to fill the vacuum are likely to
be about £3m in the second
half.

Research and Development
continues to be a significant

.above the line cost, working
out at about £28m every six
months, and with demand at
current levels the problem of
translating technological know-
how into orders is not easing.

Lucas, along with the rest of
British manufacturing industry,
has been busy with the axe in
order to create a profitable
base. But volume is now the
key, and the demand light
seems jammed on amber.

Vickers 9 rights

Rolls-Royce Motors acquired
something of a reputation in
the mid-1970s for frequent
visits to the. market for money.

Now it looks as though
Vickers took on this taste for
rights issues when it acquired
Rolls In the summer of 1980.

The big diversified engineer-

MARKET HIGHLIGHTS OF THE WEEK

FT. (rid. Ord. index

5377

- 5.0

5973

4464

Overshadowed by second-liners

Anvil Petroleum

98

+18

298

77

Annual results due Monday

Armstrong Equipment

27

- 6

54

26*

1st half loss/reduced int. dnr.

Austin (F.) (Leyton)

51

+ 21

161

2

Optimistic trading statement

Babcock Int-

98

+ 7 ■

147

78

German sub’s impressive figs.

Bern rose

48

+12

73

25

Annual results

Berwick Timpo

28

- 9

77

28

Trading loss/no final div.

Burton

175

+16

176

90

Good interim figures

Candeeca

184

+ 17

230

120

Hambly Grove prospects

Claremont Petroleum

62

+10

99

101

Jackson South oil discovery

Inter-City Investment

63

+19

63

9

Revived bid hopes

Lancaster (D. M.)

30

+ 6

31

131

Bid approach

LASMO

300

+22

735

260

Good preliminary results

iLucas Holdings

m

—14

240

159

Interim resuits

North Kalgurii

19

- 7

83

17

Rights issue/mine closedown

Pearson Longman

315

+67

315

149

Bid discussions

Rockvrare-

73

+ 91

79

42

Good 2nd-ha!f recovery

Rotork

50

+ 7

61

40

Better-than-expected results

Tilling (T.)

145

-10

195

132

Share placing finances U3. deals

Turner St Newali

63

- 7

118

.62

Recent dismal results

ing group called on share-
holders this week for £24.4m
in a one-for-foar issue at 233p
that accompanied its lacklustre
year-end figures.

The rights issue had been
widely expected because the
company had advanced by a
month its usual rate for
announcing its year end results.

And so the shares, which
stood at 167p at the end of last
week, fell 7p early in the week
and only 2p further following
the rights issue. They finished
the week at 159p.

Vickers was giving little away
about its reasons for seeking
the money, other than to bring
down its capital gearing from 55
to 39 per cent.

Two years ago. when they
were proposing the merger with
Rolls-Royce Motors, the Vickers
directors argued that “ the
broader based group, backed
with substantial financial
resources and with greatly re-
duced gearing, will be better
able to prosper in the future.”

The 1981 preliminary -results,
published with the righis issue,
indicate that less progress has
been made than might have
been hoped. Pre-tax profits of
■£2 4.6m compares with £ 19.7m in
1980, excluding interest on
nationalisation compensation.
But £6m of last year's profit
results from the effect on over-
seas earnings of the lower value
of sterling. Another. £2.9m
comes from higher compensa-
tion over the Iranian tank con-
tract. As for capital gearing, it
has risen slightly.

One pleasant surprise in the
preliminary statement is the
sharp rise in trading profits of
Rolls-Royce Motors from £8.7m
to £16.2m. At the time of the
merger, there was a lot of
scepticism about Rolls' forecast
that heavy investment on its
new model would start paying
off in 1981 but it has proven
well-founded.

With a return on capital of
only 14 per cent, Vickers has
some way to go yet to prove
the value of the merger. The
market capitalisation of £l3Sm
is less than half the value of
net assets and the yield on the
new shares nearly 13 per cent.

line has added strength to Bur-
ton's retail operations. Volume
went up by 10 per cent, without
any expansion in floor space.
This helped to produce a
sparkling 18.7 per cent increase
in operating profits in the face
of unusually dull trading condi-
tions.

. Burton’s balance sheet is now
clean. prompting interest
charges to plummet from £3 -14m
to £0.2 7m. Another property
gain above-the-line gave a
further fillip to pre-tax figures
which jumped to £14.17m from
£8 55m.

The company has also bene-
fited from a clear-out of peri-
pheral operations like Ryman
and its French operations. The
slimmer manufacturing side has
reduced its losses and could be
back to a break-even point by
the year’s end.

With all this house-cleaning
behind it. it seems a safe bet
that the company win be on the
prowl for more suitable acquisi-
tions, probably in the retail
area where Burton shines best.

The market reacted favour-
ably to Burton's good news,
putting 15p on the shares dur-
ing the week so they ended at
174p. The good news In retail-
ing is expected to be maintained
in the second half, prompting
the market to predict a full-
year result of about £22m, ex-
cluding property

This puts the shares on a
prospective fully-taxed p/e of
around 13. which is reasonable
for the sector. It is now up to
Burton To keep up the pace.

North Sea Blues

Burton suits

Clothes, in the case of the
Burton Group, now make the
company. After a series of profit
announcements remarkable for
above-the-line property credits
and below-the-line extraordin-
ary costs. Burton’s interim
figures last week revealed a
strong advance in the company’s
retail clothing business.

A company-wide cost-cutting
exercise and expanded product

The problems of North Sea
oil companies were brought
sharply into focus this week by
results from LASMO and Shell
UK. While oil prices are soft,
and the Government is taking
four-fifths of revenue, the com-
panies claim that future exploit-
ation of new fields in the North
Sea is looking almost prohibi-
tively expensive.

At one point in 1980 LASMO’s
share price was S95p; this week
it was oscillating around 300p.

Yet the picture of current earn-
ings makes this judgment seem
a little harsh. At the peak of
its stock market fortunes,
LASMO was paying no divi-
dends, producing very little oil.
and was extremely highly
geared. Now there is enough
ca^h in the balance sheet to pay
off the £75m unsecured loan
stock, while Ninian is flowing at
300.000 barrels a day. giving
LASMO pre-tax profits of
£I13.2m in 1981, and a maiden
lOp dividend is being paid.

Shell UK’s profits before tax
increased by 44 per cent in
1981. but since the lax bill
jumped from £95m to £502m.
the effect was a 58 per cent fall
in historic net income to £158m.
In current cost terms, there was
a turn-round from profits of
£166m to losses of £65m.

Dire warnings sprang from
these figures. According to
Shell, die Budget did nothing
to ease the North Sea tax
burden. The new Advance
Petroleum Revenue Tax
penalises the eaifly years of
cash flow from a new field;
because early revenues are the
most important, that exerts a
• disproportionate influence
against the decision to invest

For LASMO. the impact of
this argument is going to be felt
as earnings dip when output
from Ninian field declines in
three or four years’ time. And
•while the oil price remains
depressed, projections of the
value of LASMO’s reserves — -
based on the bounding escalation
of prices which brokers so
blithely assumed two years ago
— must also -be staled back.

Pessimistic revaluations of
reserves may justify the slide
in LASMO and other North Sea
shares in the past year (some
others made up some of the
lost ground this - week). But it
-is hard to believe in calculations
which imply— however profes-
sionally they may be executed —
that new fields such as *’ T ”
Block will never be developed.
Far more likely that the
Government’s depletion-cum-tax
policy will be adjusted.

Before the dawn

NEW YORK

RICHARD LAMBERT

THE RELENTLESS decline in
share prices lias been checked
for the moment — but the mood
on Wall Street is still far from
spring like. After four weeks in
which all the main share in-
dices had fallen by 5 pet cent
and more, a rally was well over-
due, and only the most commit-
ted bulls would suggest that
this week's price action marked
any kind of turning point.
Share prices opened strongly
on Monday, extending the up-
turn which had started to
emerge at the end of the pro
vious week.

By Tuesday, the Dow had
climbed over 30 points in the
space of four days trading.
There were probably three main
explanations for the gain.

In the first place, short term
money rates were coming down.
The key Federal Funds Rate
slipped by about a point during
Monday and Tuesday to around
13.5 per cent, and some of the
big banks edged down their
broker loan rates in response.

At the same time it appeared
that some buying had material-
ised when the Dow edged below
800 in the middle of the pre-
vious week. Big round index
numbers often seem to have
some kind of magnetic pull on
investors, and although it would
be wrong to overplay the
psychological angle, brokers did
some prearranged institutional
buying at the 300 level.

A third explanation for the
rally is that the end of March
is Quarter Day for the invest-
ing institutions. That is when
they have lo show their port-
folios to their trustees and
clients — and they . like to get
rid of their stinkers well
beforehand.

Adam Smith, of *' Money
Game” fame and some enter-
taining thoughts on the sub-
ject in yesterday’s Wall Street
Journal. In notes on “ the
Lemming Syndrome " he ex-
plains that once a stock starts
to collapse it collapses com 4
plctely. because no institutional
manager can afford to show it
in his portfolio at the end of
the quarter. As long as the
stock is not there on April 1,
you do not know whether he
sold it on January 3 or March
30. The lemmings have cer-
tainly had cause Lo panic this
year, and their influence has
been particularly clear on the
technology sector, where some
very high hopes have been
dashed by disappointing earn-
ings statements. Until just
over a week ago, stocks like

Amdahl. Digital Fquipmont
Control Data, and Honeywell
had been taking a hammering,
showing decline? of well over
50 per vent in some cases.

As the selling pressures
started lo case up. prices
rallied sharply. Control Data,
for instance, jumped by more
than a 10th in a few days. But
this seemed to be no more than
a technical bounce from an
oversold portion,. .

The general rally Uftf
momentum as the week pro-
gressed. and the hurdles faced
by the equity market stitt*
seemed as formidable as ever: ,

Thus ’t was significant that
the fall in interest rates -was
concentrated very much at the
short end of the money market:
Longterm rates scarcely budged
over the week, with the yield
on long term Treasure bonds
still stuck at around 13.5 per
cent. With inflation now run-
ning at an annual rote of no
more than about 7 per cent,
this is an accurate reflection of
the growing sense of crisis about
looming Budget deficits — a eon- .
cern which is by no means con- 1
fined to Wall Streer,

In addition, there are those,
who feci that even the short
end of the market could be due
for some upward pressure on in-
terest rates. Largely for tech- •
nival reasons, the weekly money
supply figures are expected to
show some sharp rises in the
next month or so — and these, ]
numbers still exereisc an
hypnotic effect on investors. ;

It -is possible that the equity
market has still not fully ad-
justed itself to the impact of
such high real interest rates on
the economy. Analysts are still
having to . revise down their
earnings forecasts for key sec-
tors like the steel industry —
where Republic Steel this week
forecast a big first, quarter loss.
Moreover, it seems that some in-
vestors are already beginning i
to discount the start of an
economic recovery.

For example, the shares of .
Ford and General Motors have
shown sharp -increases durinc
recent weeks. And the airline
sector has jumped by ns much
as two fifths- from this year's
Jow point, r

Maybe dawn is indeed about
to break. But the prospects for
dividend growth this year arc
bleak and with the equity mar-
ket yielding under 7 per cent,
it seems likely that something \
will have to happen to the bond ,
market before the first rays
of sunshine start to appear.

MONDAY 81934 -{-1139

TUESDAY ■ 82&j67 + 7J3

WEDNESDAY 82X34 - 343

THURSDAY . 827.43 - 4-2?

THE EXPATRIATE'S GUIDE
TO SAVINGS AND INVESTMENT

A Financial Times Business Publishing handbook

Now in its second edition, this handbook is designed to provide a simple
practical guide for the investor working outside the UK. It contains a detailed
description of some 286 offshore funds together with a performance record,
and a description of several offshore financial centres.

Although designed for the man in the street, it will be a handy reference for
bank managers, stockbrokers and other professional advisers.

Introduction

Leaving the UK- an outline of the financial
and fiscal affairs to put in order before
you leave.

Investment Strategy- guidelines, warnings
and a suggested route to painless investing.

Choosing an investment manager

Choosing a banking centre.

Offshore insurance and pensions.

Exchange controls and witholding taxes. *

Offshore Funds- the background to the
industry.

Direct investment in equities.

Cash, bonds and currency fund investment
Eurobonds.

Commodities.

CONTENTS

Investing in property overseas.
UK investments.

Alternative investments.
Returning to the UK.

Management groups -business profiles of
over 80 companies. .

Offshore Funds -

# Bermuda and The Bahamas
^ The Cayman Islands

$ The Channel Islands

# Hong Kong
The Isle of Man

sfc Luxembourg

# Switzerland .

# Australia, West Germany Gibraltar
The Netherlands; Panama, Republic of
Ireland, Singapore, Turks and Caicos.
United States and Virgin Islands.

UK property.

Performance table of Offshore Funds.

4

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Wounding South Africa’s goose

SOUTH AFRICA'S gold mines
hare been the goose that laid
the golden egg, in terms of the
country’s economy, for several
years. In the tax year 1980-81,
when the bullion boom was at
its height, they paid R3.6bn
(£1.9bn) in tax. This fell to
R2.2bn in 1981-82, and the re-
cent decline in the gold price
suggests that the government’s
tax take from the gold pro-
ducers in 1982-83 will fall to
only about R900m.

This would seem to assume an
average bullion price in the
next financial year of only about
$300 or so. at the current ex-
change rate of 96 U.S. cents to
the rand.

Gold accounted for almost
half of South Africa’s total ex-
port earnings last year at
R8.3bn, down from Rl0.1bn in
the previous 12 months.

Gold, platinum and copper
were the three metals most in
the news this week, with the
South African budget’s changes
in the tax surcharge on gold
mines, first half results from
Rust en bars Platinum, and an-
nual reports from several lead-
ing copper producers.

The share market clearly did
not like the tough budget pro-
posals from Mr Owen Horwood,
South Africa’s Finance Mini ster,
and reacted strongly to put a
swift end to the minor rally in
gold shares which had sent the
Gold Mines index up 352 points
over toe previous five trading
days.

The index slumped 14.1
points the day after the
announcement of a rise from 5
per cent to 15 per cent in the
tax surcharge on gold and
diamond mines, which already
paid a higher rate of tax than
other companies in South
Africa.

Xt is unfortunate tot this
extra burden had to be laid on
the shoulders of companies
already bowed beneath the
strains of much lower com-
modity prices, falling ore grades
sod escalating operating costs.

Nevertheless, ithe money had
to be raised from somewhere,
and the surcharges will have
most impact on the lowest-cost
producers, bringing about Mis
some estimates put at up to 15
per ceot in d&ribotBbte profits
of such as Driefontein

Consolidated, Vaal Reefs and
Kloof.

While this wifl obviously
reduce this year’s dividends in
many , cases, st does mean that
the South African Government
has not totally abandoned its
enlightened attitude towards
the taxation of mining com-
panies.

The surcharges are expected
to -raise an extra RllSm (£61 m)
in a full year, and Mr Horwood
said some of tins would be used
to maintain the state aid scheme
for marginal gold mines. Five
mines applied for a total of
R26.9m under tois scheme brst
year, against a total of just

R1.5m in 1980. and this year’s
figure will be conmdenably
higher in the absence of a sharp
and sustained upturn in the
goto price.

The fear had been expressed
in some quarters that Mr Hor-
wood might have to announce
some reduction in the scale of
state aid. That fear should now

MINING

GEORGE MILUNG-STANLEY

be laid to resL Mr Horwood
may have wounded the goose
that laid the golden egg. but at
least he has not killed it

Staying with South Africa,
Rustenburg Platinum reported
that net profits for the first
half of the financial year to
August 31 had fallen by 55 per
cent to R28.1XO. The company
said it is expecting no improve-
ment in the rest of the year,
and profits could well decline
further “ unless a better
balance between supply and de-
mand is established at Rusten-
burg's producer price.”

The producer price has stood
at 9475 (£264) an ounce since
August 1980 but the free
market price has fallen in that
period from well over 3000 to
around the $300 mark.

This dual pricing structure
gives the platinum producers
several problems. They con-
tinued to supply the metal at
their posted price even when
this was well under half the
free market level and hoped
that in return their customers
would demonstrate similar
loyalty when the positions were
reversed.

Unfortunately this does not
seem to have happened, as Mr
Gordon Waddell, Rustenburg’s
chairman, reports that many
customers are restricting their
purchases to the minimum
levels specified dn their
contracts.

He has already rejected the
idea of cutting the producer
price to bring it into closer
alignment wdfih tile spot market
an the basis that such a move
would only serve to depress
Che free market price even
further.

Ait least Rustenbui® is still
operating profitably, which is
more than can be said for many

of the world’s Heading copper
producers.

Mr George Munroe, chairman
of Phelps Dodge of the U.S.,
said this week that few, if any,
of -die producers an the U.S.
.can be profitable at existing
prices, and the Bio Tinto-Zinc
group's big Bougainville mine
in Papua New Guinea admitted
in its .latest annual report toot
lit Is now running at a loss.

The position is not helped by
the fact that Bougainville’s two
main by-products, gold and
silver, have also fallen steeply
in price -over the past year or
so.

The company remains con-
fident, however, that the upturn
will be rapid when it eventually
comes. Bougainville has demon-
strated this confidence by
■making forward purchases of

copper at the current low
prices, with the aim of using
the expected profits on these
transactions to offset the effects
of toe lasses being made on
current , trading.

(spoof-

’OOP Short Tow

, Consumption

World
Production!
; Refined
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UNIT TRUST AND
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Save & Prosper Securities United

page

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Framlington Unit Management Limited ’

7.

The London Life Association. limited -

■ 8

Towry Law & Co. Limited

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Terms (years)

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Finance for Industry pic

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Financial Times Saturday March 27 1982

TNANCE AND THE FAMILY

Buying bottles
the easy way

OtUcc FirrscfeSparkSts: '

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WINE

- EDMUND
PENNtN&JROWSELL

{WINE ZS sold differently these
Idays. Time was— and not all
that long ago— when *t was
’.'largely bought by a very small
| Dumber of discriminating
j drinkers through occasional
| personal visits by customer to
3 merchant. Over . a' mollifying
large glass of sherry the busi-
i ness was transacted in the
j partners’ curtained sanctum. If,
i as likely, the merchant's office
• was in London, and the ctxs-
j tomer, kept his wine, along with
his family and his horses, in

■ the country, the visit was one

■ in a series that included others
to his tailor and bootmaker. And
from all three he exacted con-
siderable credit.

Now a very large proportion,
probably most, wine is bought
off the shelf in the High Street
grocery chains and in the off-
licences. Moreover, most, we
are told, - is bought by women,
and certainly for cash.

Commercially, no doubt, this
is much the most important part
of the wine trade — leaving out
of consideration the quick- turn-
over spirit trade, on which it
can probably rely less than it
used to do. There is, however,
another side of the trade of do
less importance to serious, keen
wine drinkers: -the fine or
vintage wine part. This is cer-
tainly a great deal larger than
it was, and there are those who
are confident that there is a
steady flow of aspirant amateurs
from the High Street to the
cellar.

Nevertheless, those merchants
who maintain their traditional
role of buying vintage wines
early, and holding them until
they are at least relatively
mature, have their problems.
The only way to '.buy these
economically is when first avail-
able. and this includes modest-

■ quality wines as well as well-
known, expensive ones).

, Such investment and stock-
holding is only possible on the
basis of substantial sales of

ITliSC

. !(

- v ■ V

i , ..tv 1 ■

-

i'i ' 1 ' 1

what the trade often summarises
as “running wines.” These
vintage- wine-listing firms also
need to sell their quick-turnover
sherries, vermouths, “ house ”
clarets and inexpensive French,
Italian, German . or Spanish
regional wines. We wine
amateurs should bear this in
mind as we drain our last bottle
of COtes du RhOne or Valpoli-
cella! There is do more guaran-
tee of the assured continuance
of the fine winp trade than of
any other. This Is not to under-
value or denigrate the wines on
the High-Street shelves or the
genuine enthusiasm for quality
of their professional buyers; but'
they can only purchase wines
for almost immediate sale.

For the traditional wine mer-
chants the essential sales
weapon is their mailing list and
their catalogue, which to be
effective in these days of infla-
tion and prices changes needs
to be half-yearly. They have
been considerably improved in
recent years, with much more
information and better present-
ation. Yet customer-selection
has become more difficult
because of the greatly increased
range of wines pouring into this
country: Italian. Central and
Eastern European, Mediter-
ranean, as well as the recent
“ invasions ” from California.
Australia and. now. New
Zealand. Frankly, as a result,
all too much choice has to be
based on price, which Is not fair
on many of these “ new ” wines.
The merchants themselves have
a severe selection probleni, and
in general they most surely be
congratulated op the results.
Yet if catalogues are to be of
economic cost and readable
length, they must be supple-
mented by the periodical
specialised offers that are now
so common. Here detailed
information about the wines can
be provided more easily than in
the seasonal catalogue.

But do not many dedicated
wine merchants under-estimate
{he problems of choice and
over-estimate their customers,
knowledge ? Far from all of the
latter can reel off the list of
j classed-growth Mddocs, the lead-
I ing port vintages of the last 25
j years, or the best sites on the

0

*7/ &££££?'

on

■*

/ >

Middle Moselle.

For me two of the most
gratifying lists are the tall slim
80-page one of Corney & Barrow
of Helmet Row. EC1, and the
broad 74-page catalogue of Lay
& Wheeler of Colchester. Both
include a good deal of informa-
tion. written, one feels, by
people whose first consideration
is not commercial. Also both
are well produced. A runner-up
is Adnams of Southwold. In
parts this list is indeed so
personal that the reader may
feel an intruder into the firm's
private joys and griefs, such as
births of the management’s
children and the setbacks of
staying in a certain Bordeaux
hotel. But the wine information
is generous, the style infectious.

Other lists are more restrained
yet also . usefully informative.
Among the best of these is
Tanners of Shrewsbury, notable
for a wide selection of fairly
recent claret vintages. Russell &
Mclver of St.-Maiy-at Hill, ECS.
has a large-format list that
allows detailed comments on
most of its wines. Yapp Bros,
of Mere, Wiltshire, specialists
In Loire and Rh&ne wines, but
now adding a champagne, have
always been noteworthy for
their descriptive lists, and this
seems to have paid off, although
sometimes one might feel that
one can't see the wines for the
words.

Other firms, however, appear
to impress by the sheer weight
of choice. Berry Bros. & Rudd
devote six pages of their vest-
pocket list to clarets. Their
neighbours and rivals, In whisky
as well as in wine, across St
James’s .Street, Justerinj &
Brooks, list 45 clarets of the
1978 vintage; and the amount
of capital tied up that this may
involve no doubt accounts for
some steep prices. The discreet
list of Loeb’s, round the corner
in Jermyn Street, notable for

unusually long lists of German
wines, burgundies and Rhones.
is clearly aimed at the cogno-
scenti. and -so it must be
assumed is the impressively
large but noteless one of Fields
of Sloane Avenue. S.W.3.

Considering its status and
indeed the broad contents, the
stapled, typewriter-type list of
Harrods hardly does it credit.
Not all its customers can rely
on oral advice and be the ” per-
sonal shoppers ” who axe
advised as being able to take
away their purchases. What
might be thought their rival,
Fortnum & Mason, produces a
more stylish list, even if some
of the prices are off-putting
(£93.70 for a bottle of Pdtrus
'71 — highest London auction
price to date £48.33!).

They do not. however, print
the vital information about
whether the prices include VAT.
(In fact they dot. This is a
matter on which there is a great
division of practice. Soon inclu-
sion will be compulsory for
retail lists, but then it is
fashionable nowadays to attract
customers by calling one’s list
wholesale and for these, prices
may continue to be VAT-
exclusive. Merchants who carry
on two forms of trade, retail
and wholesale, on one list, claim
that it is much more convenient
to give VAT-less prices; and
they state this opinion
though not always prominently.
Though not intentionally so, this
is near-misleading, and should
be carefully looked for; likewise
the widely varying delivery
terms. Among lists to hand, it
is worth recommending the
following firms for their VAT-
inclusive prices: Army & Navy
Stores. Berry Bros. & Rudd,
Dolamore. Findlater, Harrods,
Justerini & Brooks, Malmaison.
Henry Townsend of Amersham
and Yapp Bros. For keen price-
watchers that 15 per cent may
make quite a difference.

i

Rosemajry Burr reports on cutting your Capital Gains Tax bill

And so to bed and breakfast

THE RECENT CHANGES in
the Budget bavt* left, people in
rather a quandi/y- abdit whether
or not to bed and breakfast
shares ahead o: Aral 5. In the
past the dec! si i n was relatively
simple. You starred off with
your annual exemption for the
first £3,000 of net table gains.
If your gains were higher than
this - you. looked [around for
assets that had lecreased in
price and sold the* in order to
establish capita! losses to offset
against your gains!

The most conraon assets
treated in this was were shares.
The term used for the sale one
day and subsequmt repurchase
is bed and breakftsting. In the
past it made seise to bed and
breakfast shares/ standing at a
Loss as losses canbe carried for-
ward but exenpiions cannot.
So the balantingact was to take
full advantage/ of exemptions
year by year, by bed and break-

% change. Pec on Dec

FT-Actuariw

All-Share

Index

Inflation

(RPI)

[ 1976 1977 1978 1979 19SO 1981 J

fasting sufficient losses to. offset Budget announcement that from
the gains over and above £3,000. April 6 capital gains will be
Life has been made more com- indexed for assets held more
plicated by the Chancellor's than one year. This means if

t/HP. ALLIANCE TRUST PLC

/ RECORD EARNINGS & ASSETS

RESULTS FOR THE YEAR TO 31ST JANUARY 1982

Per25p OrdinaryStockUnrt

NetAssetValue

Eamhgs

[Mends

400. 5p
11.63p
11.25p

Change on
1981

+ 22 %
+3%
+7%

Net Asset Vfelue increased by 22% compared with an average for ■
. all investment trusts of 13 % as published by the Association of

Investment Trust Companies.

Valuation of Assets rises by £37m to £21 1 million.

£18m additional investment in overseas equities and currencies
financed by sale of UK equities and Government stock.

p^cy remains directed towards selective investment overseas.

DISTRIBUTION OF £21 1m OF ASSETS

USA 3496

JAPAN AND „
ELSEWHSEHW

UQUOTY6%

a copy of the Report and Accounts,

I please return toThe Secretary#

64 Reform Street Dundee, DD1 TTJ.

UK 49%

Address

Snow clearance and grit

BY OUR LEGAL STAFF

In view of the past winter’s
heavy snowfall, what is .the
statutory obligation of the
local council to grit or clear
pavements of snow, so that
pedestrians can walk in
reasonable safely?

What Is the position if a car
skids at the traffic lights on
ungritted road, crashes, and
the driver gets killed? Has
the widow, if non-gritting can
be established, a claim against
the council?

We think that there is no
‘absolute obligation oo the high-
way authority to spread grit on
the pavement or .to clear it.
though an obligation could
arise where the snow consti-
tutes a statutory nuisance by
obstructing the pavement.

We think that no claim would
arise on your second instance,
but circumstances could arise in
which a claim might exist, e.g.,
if the road were gritted along
all its length, but not on the
patch where the accident
occurs.

Legacies to
minors

In your answer under Legacies
to Minors on January 2 did you
■ not overlook Section 42 of the
Administration of Estates Act
1925?

As to tbe answer under the
right to drain a roof, would not
a far better idea than to
commence proceedings be
physically to disconnect or
divert tbe neighbour’s ran Maj-
or whatever it is called,
whereby the water would go on
to his own land?

Section 42 of the Administration
of Estates Act 1925 was not
overlooked: but as it merely
removes the problem one degree
by creating a subsidiary trust,
we thought it not a suitable
course to advise in the circum-
stances.

We agree that self-help may
be more practical, as you sug-
gest, but it could lead to con-
tentious litigation in which the
reader would be placed at a
disadvantage because of judicial
antipathy to self-help remedy.

A right to
pre-emption

In your reply under February
20 yon say this right and
right of pre-emption should
be limited to 21 years.

L What is the enactment to
this effect and where is the
figure of 21 laid down?

2. Would it be legitimate for
the deed envisaged to ;
incorporate ano iher contract
providing an option, exercisable
at any time during the first
21 years, to renew or extend
for a period limited to 21
years the pre-emption contract?

1. Section 9 of the Perpetuities
and Accumulations Act 1964.

2. No. We think that subsection
9 (2) of the 1964 Act would
prevent this.

A stake in
the home

My wife and I are joint owners
of a house worth £50,000-
£60,000. My daughter and
son-in-law would like to share
the house with ns, by baying
up to 25 per cent of its valne
and so give them a stake in
the property. We have two
other children, and as the house
is our main capital asset we
would not wish to do anything
which would unduly prejudiu?
their inheritance.

We think that you can achieve
what you want by an oral
declaration of trust dividing -the
equitable interest into a number
or aliquot shares. You can then
sell an equitable interest
amounting to 25 per cent to
your daughter and son-in-law,
the price being low enough to
be exempt from stamp duty.

Deed of family
arrangement

Myself and two sisters were
tenants In common of a house
occupied by one of them who
was unmarried. The resident
sister bas died intestate without
parents or children. The house
has a value of abont £130,000.
We wish to keep the house in
the family but I propose to
renounce my interest in mv
deceased sister’s share of the
property in favour of a half-
sister. My sister likewise
proposes to renounce her
interest in my deceased sister's
share in favour of the children
of a half-brother.

My solicitor advises that a Deed
of Family Arrangement
incorporating these wishes will
(a) attract stamp duty, on the
basis that the two renunciations
represent a single transaction,
but (c) that the transfers will
not attract or cocnt towards
Capital Transfer Tax.

(a) and (c) seem inconsistent.

(b) seems unreasonable. If
(a) and/or (c) Is correct is
there any means of achieving

onr objective that will obviate
Ibis liability ?

We think that the advice is
correct if the renounrers are not
nexr entitled on intestacy; but
that you may be better off if
you and your sister separately
assign the two one-sixth shares
to which you have become en-
titled on the intestacy — not In
one Deed of Family Arrange-
ment. We think that the trans-
fers will count towards Capital
Transfer Tax but will not attract
a charge if no major gifts have
yet been made by either of you.
A simple renunciation of an in-
terest on intestacy before
acceptance (so that the person
next entitled takes automatic-
ally) will not attract stamp
duty.

Contracts and
stockbrokers

Contracts issued by one firm oF
stockbrokers in which 1 used
to deal have tbe signature
of one of the partners. Recently
this firm was amalgamated with
another, and the amalgamated
firm issues contracts without
any signature at all. Would
such n contract without a
signal arc be accepted by a
court or law?

Your contract is in fact iikely
to be an oral one and the docu-
ment described as a contract or
contract note is only a memor-
andum of it. A signature is not
essential. If the contract note
accords with your understand-
ing of the oral contract it will
sufficiently serve its purpose as
evidence of the agreement. If it
purports to be an acceptance of
written instructions it is desire
able for it to be signed or
initialled; but even if not. it
will suffice so long as the auth-
ority to issue it is not denied.

Estate agents
fees

It is usual practice for an
estate agent to charge say
2 per cent for sole agency, hut
say 2! per cent if other
agencies are also instructed.

Is this possible in restraint
of trade and contrary’ to
Article 85 of EEC legislation?
We think it most unlikely that
an English Court would held
that the practice which you
describe would be held to be
contrary to public policy as
being in restraint of trade. We
also very much doubt whether
Article S5 of the Treaty of
Rome has any application to a

No legal responsibility can be
accepted by the Finar.c sal Times
for tbe answers given in these
columns. All inquiries will be
answered by post os iocrt cs
possible.

concerted practice which relates
to land within only one member
state; as the Article is aimed at
orrr cements and practices which
affect trade between member
states. You could however Test
tbs matter by seeking a court
declaration that the practice is
avoided by Article 85.

Outside the
Rent Act

I am told the letting to
companies, and shorthoid
tenancies are not “ regulated ”
tenancies. Is this correct? What
is the position with regard to
such lettings?

It is correct tliat shorthoid
tenancies arc not regulated ten-
ancies all hough they do require
,i fair rent to be registered.
They eve a new statutory
creation under the Housing Act
19S0 and may be seen as a
hybrid; but they are designed
lo he outside the .statutory pro-
tection as to security of tenure.
Lettings to companies are also
outside the ambit of the Rent
Act 1977 in relation :o security
of tenure, but that i- because
of the inability o‘ a company
to occupy a duvl! ins-house as
its residence. Otherwise (a*
rent, premiums elc.j they are
regulated tenancies'. Moreover
Ihe letting must l«e a bonn tide
letting lo a enni'v.v- :>rd :v>t
a sham, if security of tenure is
to be avoided.

Arbitration v.
the Courts

1 am preparing to lake to arbi-
tration a dispute with a
builder of our house. Whereas
the achitcct is quite satisfied
that my complaint is justified
and supportable as a breach of
contract there are reservations
as to whether I would receive
the same satisfaction from
arbitration as from the Courts.
Could you please give me any
information you have on
arbitration and in particular if
there is any advice you could
give on presenting the claim
and the limitations regarding
costs and damages?

The area covered by abritration
is a very wide one. and we
cannot give general advice in
the scope of a reply such as
this. The practitioners’ text
book is Russell on Arbitration,
and we suggest that you con-
sult that in your local library.
On costs you should review the
process of making a *’ sealed
offer” which you will find dis-
cussed in that work.

you bought an asset on or before
April 5 1981 the indexation
dock will start ticking on Ajiril
6. Assets bought more recently
will not be protected by the new
provisions until they have been
held for a year.

Any asset which does not keep
pace with inflation cannot be
regarded as having produced, a
capital loss. So the position is
still rather uneven. In
addition, gains made before
April 6 are not index linked.

The changes mean it may not
be advisable to bed and break-
fast-in the same way as the past.
Assuming you have unused
capital gains exemption, this
year it may pay to bed .and
breakfast gains in order to
establish a higher base for
indexation. It is best to choose
one share with a large gain
rather than bed and breakfast
several with smaller gains; the
aim is to establish the greatest
possible proportionate rise in
the base price, and also to
• minimise the dealing costs. If
you establish a loss, you will
actually reduce tbe potential
benefit of indexation in the
future.

In the following examples,
assume inflation over the next
year is 10 per cent and the fol-
lowing six months 5 per cent
If you bought shares of Bloggs
Engineering at 50p and they are
now standing at 30p. what
should you do? Suppose you go
ahead and bed and breakfast
the share at 32p. The shares
recover and in 18 months’ time
when you come to sell they have
reached £1.

Under the new system, if you
bed and breakfast the shares
your starting price will be 32p
but indexation will only begin
after one year, nils means the
index linked element will be
1.6p and you will be liable to
tax on a gain of 66.4p.

If you decide against bed and
breakfasting then tout base, is
50p. The indexed element is
then 7J5p tind ihe liability would
be on a gain of 42ip.

In contrast, your Dortfolio
Includes Easy Living Holidavs
bought two years ago at SOd. In
line with many holiday shares
these have risen in value and
now stand at 50p. If you bed and
breakfast them and sell in IS
months, at 6fip. the indexed gain
element is 2.5p and the gain
liable to tax is 7.5p.

If you do not bed and break-
fast the shares the liability to
tax. will be more than trebled.
The indexed gain element will
be 4}p and the taxable gain
25*p.

Oviously these calculations
: depend on estimates of inflation
and how particular shares move
in price. As the £3,000 exemp-
tion cannot be brought forward
! it is best to make good use of
lit this year. The exemption
; rises to £5,000 in the tax yew
I starting April 6, 1982. Re-
member capital losses can he
carried forward hut unused ex-
emption cannot.

RECOV

The new unit trust far investors
. seeking high lewaids from recovery situations

F RAMUNGTON Recovery Trust
will aim for maximum capital
growth through investment in
recovery situations.

These arise when, for one reason or
another, a company falls on hard
t-imfig and its shoxes fall to a level
where they are exceptionally cheap.
When the company does recover,
perhaps with a change of market
conditions or as a result of sharp
management action, those who
bought when the shares were cheap
stand to’ do very well.

With an individual company there
is of course a risk that the recovery
may never take place. This is why a
unit trust is such a good vehicle for
investing in ’ recoveries. Because it
invests in a; wide spread of recovery
situations a unit trust can shrug off
the occasional casualty. The potential
rewards from . the successes can be
very high.

Recovery rrusts run by other unit
trust groups have done well in the
past; the managers believe that a
recovery fund run by Framlington
should give outstanding results in the
future.

GENERAL INFORMATION
Applic a tio ns will be acknowledged; certificates will be
sene by die registrar*. Lloyds Bank Pic. within 42
days. For the Initial offer contract notes arc not
issued: an application form must be used,
accompanied E*ya cheque. From 10th April units can
be bought by pose or telephone in the usual way.

The minimum initial investment Is £5 00. Units ml y
be bought and sold daily. Prices and yields are
published daily in leading newspapers.

Income net of basic rate tax is distributed to
holders of income units on 13th March and 15th
September. The first . distribution will be on 15tli
March I9SJ.

Commission of 1 MS + VAT is paid to qualified
intermediaries.

The trust is an authorised unit trust constituted by
Trust Deed. Jt nmks as a wider range security under
die Trustee Investments Act, lp6l. The Trustee is
Lloyds Bank Pic.

The managers ora Ftxmlington Unit Management
Limited, 64 London Wall, London EC2M JNQ.
Telephone 01-638 5181. Registered in England No
895&1. Member df the Unit Trust Association.

This offer is not open to residents of the Republic
of Ire land.

Timing. In the opinion of the
managers this is a good time to
invest. Recovery funds tend to do
exceptionally well when the economy
as a whole is pulling out from
recession.

Flexibility. The trust will invest
primarily in UK shafes, but will not
be limited by geographical area, size
of company or market sector.

Track record. Last December the
Observer chose us as Unit " Trust
Managers of the Year, noting our
“enviable record of ■ long-term
results'’. The March issue of Money
Management comments "Best
management group in 1981. without
a shadow of a doubt, is Framlington,
which has collected number 1
rankings for all its funds over both
tbe one year and the three year
periods”. Over five years, funds under
management have grown from £5-5
million to j£ 6S million.

Personal involvement. Fram-
lington funds are run by the indivi-
dual manager, not by committee.
Recoven' Trust will be managed by
Antony Milford, whose other « funds
include our highly* successful Inter-

national Growth Fund and Fram-
lington Income Trust, the best
performing income trust over the last
ten years.

Value for money. The annual
charge is at the standard Framlington
rate, still only 1/2^ -r VAT. The trust
deed includes powers to increase this
to a maximum of 3% if necessary.
The initial charge (included in the
offer price) is 57S. When units are
sold back to us, payment is normally
made on the day we receive the
renounced certificate.

The estimated initial gross starting
yield is 4 %. However, since the
investment policy is to aim for pure
capital growth, investors may feel
that accumulation units in which the
net income is reinvested are more
appropriate than income units from
which net income is distributed.

The price of units and the income
from them can go down as well as up.

Units in Framlington Recovery
Trust .ire available at 50p each until 3
pm on Friday 16th April 1932. The
minimum initial investment is 1.000
units, which cost £500. From 19th
April units will be available at the
ruling offer price.

Ill ITI 1 1 nccc D of units in Framlington Recovery Trust at 50.0p each
INI I IAL UBTtll until Friday 16th April 1932

To: Framlington Unit Manageme n t Limited, 64 London Wall, London EC2M 5.NQ

I/we wish to invest the sum of C. .f minimum £500) in Fcunhnptnn Recovery Trust and

enclose a cheque poyablc to Framlington Unit Management Limited. I am. we arc over 18.

For accumulation units in which net Income Is reinvested, please tick here.. . . .

Surname (Mr/Uxs/Ml&s)

Full forenames

Address.....

Signatures) Date .

Qoat iippbcmt] JmU e!hrz* nd nc’otc drian's irpardrf? \

FRAMLINGTON RECOVERY TRUST.

Financial Times Saturday March 27 1982

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YOUR SAVINGS AND INVESTMENTS— 1

Stock Exchange commission and how it affects you

-A

the small
investor ...

TiJE STOCK EXCHANGE not for sales. Many firms
COUNCIL has" just witnessed a already change higher fees than
rare occurrence of institutional this. As one broker argued
Goiiatos .going oat. to fight. in “.the „ Stock— Exchange - can’t
support of small investors. As a really order people to lose
result of pressure from big in- money,** . ...

Testers, the Stock Exchange's Of equal interests to srngll
proposed hike in commission investors is the Council’s <3 eel-
rates has been reduced, _ sion to increase the amount
This is the first time that the beneath which commissions are
Stock Exchange has consulted discretionary- At the moment
users of the market about the brokers can charge less than the
price increase in a formal way. minimum for . deals of £200 or
At the cutset last December, less. The changes agreed en-
when . ' the proposals were able brokers to use their, discre-
annoimeed, many people argued tion for bargains of £300 or less,
there would be Little chance of The picture is less happy on

-or'l

=1

influencing the outcome.

gilts where the large buyers

Iii the event, the Stock Ex- have emerged relatively better
change has bowed to the weight off than those making small pur-
o f opinion against its chases. In cash terms a £2,000

proposals. The original plan was
to increase commission rates

gilt purchase will go up by £3.50
whereas a £5m order will

across the board by 7.3 per increase by £11.25.

cent. This has now been pared
to -tZ per cent.

Commissions on smaller

The brokers were hi a
quandxy over fees a$- about half
the firms rely on private client

transactions- are— bow proposed — business— for— the ■ majority -of
to rise by only 10 per cent, in- their revenue. There are 150
stead of the 16.7 per cent brokers outside London who
firigioally suggested. This concentrate on personal
.means- a- "typical -£2,000 equhy—clients.HErs-add itwn.- -70 ■ per cent
bargain will cost £3 more. . of the bargains struck on the
Of prime. importance to small Exchange- are on behalf of

investors is the. new minim um
rate. The current minimum is
£7 on both sales and purchases.
The— proposed rise- to £10 has
been agreed on purchases but

private clients although these
only account for 30 per cent of
the value of transact ions.

After the • last” round of
increases in 1976 some firms

With London Life, £1,000 a year
can provide you with a pension
of£32,896 per annum for life*—
and the premium is subject to
income tax relief at the highest rate.

It’s easy to assume that all insurance companies are the same, with
eac h one offering approximately the same terms.

But that - ' not the caseai alL

London Life is different b«'aufe.foraslart.irneverpac5-a«ingIe
penny in commission -eilherlo hilermediaries or its own staff.

WhaiV more. London Life is. a mur ual company which means that its
proiiisarc passed on to policyholders and not paid out to -
shareholders Another difference that’s very much to your benefit
Naturally, keeping costs down like this helps London Lite make
the most of your earning#, which sho uid be the basic aim of every
good pension plan.

Not surprising. London Lifefeatures tegular!;; among the leaders
hi the Insurance performance tables.

And with an already w ide and comprehensive range of pension
plans now supplemented by a special plan combining rhe la\

. adv anlagiatuia^cli cm ployed pension annuity' contract with the
. growth potential ot a unit linked tnveatmenUtve can offer our clients
a barter servire f I w n ever.

!l y oil’d like to know more about that service cal] or write to us at
* the address below - well send you lull details,
ije le. fora man. 40. paring a gross premium of£l. 000 yearly:
tak ing I Us pension at 65 and assuming London Life's current
premium, bonus and iminediute annuity rates remain unchanged!

: To: Patrick Gallagher, The London life
Association Limited, Freepost, 100 Temple
Street, Bristol BS1 6Y J (no stamp required)

Please send me details of London Life s pension plans .
for Xhe self-employed.

Mane — — l ;

i3»;

Address--

TeLNos: Business.

Date of Birth.

Home — — —

(If you prefer: you can call ParrickGaHagheron Freefone 9161 to
discuss yxiur Requirements personally)

q different kind of company 8

London lito

8

■BCTBwaq mmaaaMMi

BUILDING SOCIETY
RATES

Every Saturday the Financial. Times publishes a
table giving details of Building Society Bales on
offer to' t be public.

. F&rfirrther advertising details please ring:
01-24S 8000, ExfiL '3606

decided to pull out of private
client business. It is too early
to judge the mood of brokers
this time but some feel a more
restricted type of service will
be made available to the small
investor by toe big City firms.
Thpse firms have higher over-
heads than country brokers due
to computers, research per-
sonnel and rates.

Mr Andrew Hugh Smith, a
senior partner with Cape! Cure
Myers (CCM). which derives
about - half- its revenue from
private clients, says: “We are
really quite happy with the
revised rates. I think there is a
problem with really small client
business which will still be
difficult to justify.”

CCM has tried to meet the
problem head on. The firm has
encouraged people with less
than £20.000 to opt for unit
trusts or a portfolio of unit
trusts. Alternatively the brokers

offer a discretionary portfolio
service which is computerised
so the - costs are kept down.
Another method of cost cutting
is to encourage clients to use
the firm's nominee companies
because this reduces- the
administrative burden.

Hugh Smith thinks more
firms will be forced to move in
these directions as .a result of
the proposed commissions. If he
is right tin’s will mean small
investors who want to run their
own -portfolio will find it
increasingly difficult to find a
tame City broker.

The best advice to investors
is probably to shop around
several firms and find out their
minimum charge. The proposals
will probably come into effect
in mid-summer, so if you want
to do any bed and breakfasting
before April 5 this will be
unaffected.

Rosemary Burr

Bonds for cash

ANY INVESTORS who handed
over sterling bonds to the Coun-
cil of - Foreign Bondholders so
it could negotiate their repay-
ment with the defaulting
authority should check whether
they are owed any money. The
Council says it is sitting on
£150,000 due to bondholders.

The Council cannot trace the
recipients as in return for the
bonds holders were given negot-
iable certificates of deposits.
Usually after the Council
announces a settlement most
people claim quickly but some,
it seems, never hear the news.

In its annual report for 1981
published this week the Council
14sts Chose bonds which have
been negotiated and where
sums of money are available
to holders. The Council says it
is seeking additional payment
from the German Government
to former holders of Young loan
bonds (1930).

Holders of sterling denomi-

nated Chinese bonds will find
tittle cheer in the report
Certain British claims against
China are now being registered
but this excludes bonds
denominated in non-Chinese
currencies. The Chinese Bond-
holders* Committee says the
rounds ’“which has kept in
dose contact with the Foreign
and Commonwealth Office,
understands that when the
information has been processed
. . . details of all claims,
including bonds, will be
presented to the Chinese
Government for discussion."

If you have queries on sterling
bonds issued by overseas
institutions or Governments, the
address of the Council of
Foreign Bondholders is 9-12
Cbeapride, London EC2V 6AB
f 01-236 3641). After April 26
the address will be. 35 High
Street, Bromley, Kent BR1 3 EL
(01-464 0308).

Not quite as steady as a rock

Eric Short reports on insurance and Gibraltar

<

>;'i .

OVER THE past few months,
four now life companies have
appeared on the UK marketing
£cexze. They all offer lump,
sum bond investment with
attractive yields, with some of
the products guaranteeing ail
or part of the yield. ’

But the com pa n i es — Caven-
dish Life. Winchester Life.
Signal Life Eurolife Assurance
are not UK-registered life com-
panies in spite of the English
sounding - names of the first
three. They are registered in
Gibi'hltar. even though they
intend to sell their life contracts
primarily in the UK.

Indeed, with a population of
only' 27,000. Gibraltar would be
hard put to support one life
company from its home
market.

So investors lured by the
figures in the advertisements,
or the patter of the salesmen,
should slop and ask questions
before considering the
contracts.

Life assurance selling in the
UK enjoys considerable free-
dom from direct authoritative
control, a freedom non-
existent in most other coun-
tries. Instead the authorities
protect the consumer by con-
trolling the permissible
investments of life companies,
by checking that advertise-
ments are not misleading and
by monitoring the financial
health of life companies.

But these indirect controls
can be largely circumvented by
an offshore life company,
registered ' in a country with
relaxed controls. This is the
situation - with Gibraltar-based
companies.

Insurance companies in
Gibraltar have to provide annual
statements of their financial
position — a revenue account and
a balance sheet— audited by an
accountant who is a member of
a professional body, with the
same recognition as that
accorded by the Department of
Trade under the Companies Act.
New UK life companies have to
submit quarterly returns and
annual new business plans.

There must be an actuarial
valuation of the company's
financial position once every
five years by an. actuary who is a
Fellow of the Institute of
Actuaries or', the Faculty of
Actuaries or other recognised
body. The UK is moving on to
annual valuations this year in
line with EEC practice.

The auditor and actuary can-
not be changed without prior
approval of the authorities.

The Gibraltarian Finance and
Development Secretary stated
that the colony concentrates on
an initial vetting process of the
promoters and the managers of
the life company at the time of
registration. It has no power
to investigate life companies
between submissions of
accounts, nor any power to
remove a chief executive as not

being fit and proper— as the
DoT can.

There is do control over
investments and most important
there is no protection for
policyholders should the life
company fail as there is i0 the
UK with the Policyholders
Protection Act. The other key
point is that the life company
pays no tax.

These life companies simply
act as post offices. The investor
sends his money to Gibraltar.
From there it is usually sent to
the investment managers, often
back to the UK. The market-
ing of the company’s products
is carried out by UK subsi-
diaries. . However, the assets
are held in the name of a
trustee, acting as custodian.

Thus the consumer's interests
tie with the company, its
auditors, toe trustees and the
actuary. They have a strong
moral responsibility to UK
policyholders far above their
legal functions.

So interested investors should
first find out the names of the
auditors, trustees and the con-
sulting actuary, if this is not
already given. Then he should
follow this up by getting
detailed account of how the
custodian intends to control the
investments and bow the
actuary intends to perform his
functions.

Most products being offered
should warn the investor that
the underlying investments are
risky. Signal offers a bond in-
vesting in gilts and gold produc-
tion in Canada. Cavendish offers
a bond investing in gilts and oil
production in the U.S. Win-
chester offers a currency and
precious metals investment
bond. But Eurolife offers
straight five-year guaranteed
income bond yielding 12 per
cent tax free to basic rate
payers a full point above toe
best from a UK five-year bond
So how does Eurolife check out?

Its auditors are Gibraltar-
based. Its trustees’ are Barclay
Bank International (Gibraltar
management) and its actuaries
are Rodney Barnett and Com-
pany.

The investments will be in
Eurosterling securities — at pre-
sent the two FFI 1987 Issues—
Mid are managed by Inter-

national Trust Company of
Iberia, the Gibraltar subsidiary
of International Trust Group, a
consortium of banks including
Barclays. Royal Trust of Canada
and toe Bank of New York. "•

A good pedigree. But the
trustees hold the assets m
trust and have power to con-
tinue to hold such assets until
all the related bonds have been
redeemed.

The actuaries Intend to treat
this as a UK company, with full
access to all financial transac-
tions and information check-out
of the terms of the contract

and annual valuations. The actu-
aries have a professional re-
sponsibility to their actuarial
body and could he called to
account for their actions should
matters go wrong.

It ix possible to give Euro-
life a dean bin of health on
this information — so necessary
for a guaranteed income bond
where toe prune guarantee
must be the life company. Bui
such a vigorous check nerds
to be carried out for every com-
pany. Gibraltar Is identified
with solid rock; but it also has
a few apes.

Sent to Coventry

HOW CAN a cut in interest
rates be good news for both
savers and- borrowers? Well, the
Coventry Provident appears lo
have done . its sums and come
up with the answer it can.
Others, however, might put a
different interpretation on this
building society’s rate changes.

According to the Coventry
Provident “From April 1,
when most other building
societies, banks and other sav-
ings institutions wiil be reduo*

in® the interest rate paid to
savers. Coventry Provident will
be increasing the ‘Extra
Interest* rate paid on Extra
Interest Shares." What toe
society has actually decided to
do is increase toe differential
over the ordinary share rate
for sums under £5.000. The
actual return, however, will be
lower on April 1 than at present
due to the faH in toe ordinary
share rate. Depositors will be
April Foote if they . think
otherwise.

At ■ toe moment Coventry
Provident- offers two rates with
extra interest to savers. People
investing over £5,000 have been
earning 11 per cent on their
money which is per cent
above toe ordinary rate. Those
with less toon £5.000 are cur-

rently receiving- 3(H per cent
which is 1} per cent above ordi-
nary rate. From April 1 all
sums above £500 will, qualify for
the 1* per cent premium vrihidh
will then amount to 1025 per
cent net, the equivalent <xf 14.64
per cent to standard rate tax-
payers.

If bank and money market
rates remain unchanged by April
1 this means toe extra share
account is more attractive than
money market funds and seven-
day bank deposits to standard
rate taxpayers.

Coventry Provident argues
that “the real advantage is that
savers can get their money back
straight away without toe
bother of lengthy notice
period.” What it does not say

is that there is a 28 days loss
of interest for immediate with-
drawals. Even with this
penalty, the shares are rela-
tively attractive.-

Each building society now
offers a confusing array of
options for savers so it pays to
check around. You may find,
you can get a higher rate from
the Coventry Provident if you
are prepared to give longer
notice period. For example, the
Woolwich pays a 2 per cent
premium on a minimum of £500
provided three months' notice
is given but no interest is paid
on toe amount to be withdrawn
during toe notice period.

R.B.

Britannia shops in Jersey

SOMETHING IS stirring in the
normaMy placid world of off-
shore gilt funds. "Britannia
Group of Unit Trusts, part of
Britannia Arrow Holdings, 'has
bought the fund management
subsidiary of King and Shaxson,
toe discount house.

Britannia Arrow, resurrected
from the collapse of Slater
Walker Securities, is best
known for its unit trusts. The
group has £530m under man-
agement and is seeking further
expansion.

For an initial sum of
£200,000, plus a deferred
amount payable on the value
of funds under management on
Jime .. . 30, Britannia has
acquired King and Sbaxon's
gilt-edged funds and its interest
in FIRST Managers, which
runs a more broadly based
bond fund with an inter-
national portfolio of govern-
ment securities.

King and Shaxon was the
first discount house to test the
market with a gilt-edged off-
shore fund back in 1971. Its
performance has been nothing
to shout about as director
James Parrish admits. “ We’ve
been in the middle of toe per-
formance tables,** he says.

In . contrast Britannia’s off-
shore gilt-edged fund has been
among the top handful in the
sector 1 ^ performance tables.
“Over. .toe past wo years and
three months the Britannia fund
bad done better than the King

and Shaxon fund by about 7 per
cent" says Parrish.

' Performance apart, toe
volume of King and Shaxon's
funds under management never
really grew sufficiently large to
make toe enterprise cost effec-
tive. Announcing the disposal.
King and Shaxon, which had
£30m under management, said:
“The group decided to with-
draw from investment manage-
ment business as it is increas-
ingly difficult for investment
services to be profitable with
relatively modest sums under
management."

The past few years have
witnessed the gradual . with-
drawal of most of toe discount
houses from gilt-edged fuad
management. The sole excep-
tion is Atien Harvey and Ross
-(now part of Cater Allen) which
not only remains in the field but
in October increased its
exposure by acquiring the funds
of another discount house, Clive
Discount.

Allen Harvey and Ross Gilt
Fund was the best performing
Jersey gilt fund in 1979 and
1981. A staff of six manage toe
group’s two Jersey funds which
total around £lStn. Mike
Lawrence, the managing
director of Alien Harvey and
Ross Investment Management
says the group “ is quite com-
mitted CO these funds. We also
manage gilt portfolios for build-
ing societies and overseas banks.
Total funds under management
ore near £100m.”

Last June ADen Harvey and
Ross considered buying King
and Sbaxon’s investment man-
agement subsidiary hut tenta-
tive inquiries fell on stony
ground. When the group took
over Clive Discount gilt-edged
funds It did not agree to em-
ploy the staff. This stance on
redundancies would probably
have been a stumbling block
in any serious acquisition talks
with King and Shaxon.

As it turned out Britannia
agreed to buy the fund man-
agement subsidiay. lock, stock
and staff. “In a growing busi-
ness" argues Britannia director
Peter Baker “there are career
opportunities for everyone."

Baker says Parrish has “the
important task of building up
First International Reserves
Securities Trust" After the
acquisiton of King and Shaxon’s
fund management, Britannia
owns 54 per cent of toe trust’s
holding company with the rest
of too equity in the hands of
European banks. Funds under
management total about £lffra.

As for the rest of King and
Shaxon’s fund management
activities, toe future is less
clear. By far and away the
largest fund was King and
Shaxon Gilt Fund Jersey with
£20m of investors’ money. Unit
holders will be offered free
switching facilities into
Britannia's own Jersey gilt fund.

Baker adds “it is highly likely

that we will, be offering holders
of King and Shaxon Gilt Fund
Jersey a merger scheme involv-
ing Britannia Jersey Gilt Fund "
Details have yet to be thrashed
out. The King and Shaxon
fund pays gross while
Britannia’s investors receive
their dividends net.

It is too early po say what fate
awaits the gilt-edged fund in
Guernsey. But it looks as if the
Isle of Man fund, which is a
mere tiddler, win be left
unchanged. Baker says “an Isle
of Man fund makes a useful
addition to our range.”

Even before the King and
Shaxon acqmaa’tjon, Britannia
was toe largest management
group in Jersey with, funds of
about £10Qm and a staff of 36;
The acquisition has now consoli-
dated this position.

Britannia is currently shop-
ping around for other invest-
ment management groups.
Baker says “ we are interested
in expanding through organic
growth and acquisitions. Td like
to buy another investment
management group this week
provided toe price is ripht but
there are none on the market”

R.B.

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YOUR SAVINGS AND INVESTMENTS-!

Rosemary Burr looks at a new way to buy British

The Framlington Eight

IP YOU believe 1982 is the
year to buy British, then
recovery funds may be the
place for some of your money.
This week Framlington. one of
the industry's most successful
«mt trust groups, launched its
eighth fund.

•To begin with the Recovery
Trutt wiJU primarily be invested
in the UK. Antony Milford. the
trust's manager and a partner
at Laurence Frost and Co. the
brokers, says “about 75 per cent
wiH be in the UK and a quarter
may well go into the U.S.” He
thinks 'it i u a “little early’’ to
go into -Australia but wijj be
keeping a watchful eye on pro-
gress. in the Antipodes.

Milford won his laurels man-
aging two of the group’s funds.
International Growth and
Income. Both trusts ended in
the top five in their respec-
tive sector performance tables
over the year to January 4 1982,
according to Money Manage-
ment

Most recovery funds are full
of UK shares but Milford ex-
pects Framhngton’s portfolio to

vary over the business cycle.
“At certain points in the
economic world cycle we will,
for example, want to be in com-
modity shares. At the right
point in time we will move into
Australian mining shares
rather than Rio Tinto Zinc.”
According to Milford: “Up to
a third of the portfolio could
be overseas."

The idea behind the fund is
simple but picking recovery
sbares is less easy. Milford
says, “we are not just going
to buy a share because it is
depressed but. because it has
genuine recovery potential.”
The group admits not all the
chosen companies will pick
themselves up off the floor but
argues “a wide spread of re-
covery situations " enable a
unit trust to " shrug off the
occasional casualty."

Forty-year-old Milford be-
lieves ** there will be. a lot of
recovery opportunities over the
next few years. Some will be
individual companies, others
whole sectors emerging from
recession. I hope to take

advantage of both for a good
spread of sbares with possibili-
ties of exceptional growth."

Although a lot of recovery
stocks tend to be high yielding,
the trust will be geared to
capital growth. ' The estimated
gross starting yield is 4 per
cent. There is a IS per cent
initial eharge and the mini-
mum investment is £500.

The annual management fee
on the trust will be 1 per cent,
in line with the fee on the
group's other seven funds. This
is about i per cent lower than
the management fee on most
unit trusts. Tim Miller, a dir-
ector of Framlington. explains
that the group has been able
to keep its management fees
down as it does not pay the 1}
per cent marketing allowance
to intermediaries.

Framlington with £64.5m
under management is a lone
voice among the bigger unit
trust groups in its staunch ob-
jections to coughing up market-
ing allowances to salesmen. Al-
though Miller accepts this may
have slowed the group's growth.

he thinks investors have bene-
fited.

The lower management
charges are a direct benefit and
have helped Framlington win
its spurs in the industry's per-
formance tables. The group won
the accolade of number one-
management group in 1981 from
Money Management this month.

Miller also thinks the absence
of huge inflows and outflows of
funds as intermediaries switch
clients in bulk has aided the
group’s performance. ** Only one
fund has ever had to liquidate
a unit,” says Miller.

As to the size of the new
fund, an in-house sweepstake
shows quite a wide range of ex-
pectations among the group’s
staff. Officially. Milford says
“we well be very disappointed
if we do not get £2m. If market
conditions remain much as they
are now. we hope for consider-
ably more."

Framlington has pretty tough
competition in the shape of
M&G’s Recovery Fund which
was the top performing UK
growth fund over both the

What the Butler sees

Mr Anthony Milford

seven and fire year periods to
February 1982 according to
Money Management. Miller says
“ if we do half as well as M&G,
we will have done very well
indeed."

FRAMLINGTON FUNDS
UNDER MANAGEMENT
Year fm

1975 3.7

1976 4.2

1977 9-8

1978 21-8

1979 30.

1980 43.9

1981 64.5

THOUSANDS OF depositors
who took advantage of United
Dominions Trust’s generous
terms under its so-called aver-
age rate scheme are likely to be
feeling unhappy this week. For'
the finance house has just
restarted the scheme after a six
months lapse and has cut the
return by the equivalent of
1 per cent

Under the scheme, depositors
benefit from wholesale money
market rates in the same way as
they do with money market
funds. In the past UDT. paid
depositors I per cent above
Longtal rate during the pro-
ceeding week adjusted to the
nearest i per cent. The Longtal
rate is the average of dealing
rates for seven days’ notice
funds in the local authority
market. The rale is calculated
for UDT each Monday morning
by brokers Butler Till.

The scheme proved tremend-
ously popular and deposits rose
to more than flOOra. Last
September UDT decided to SOP
accepting new deposits for the
scheme. Treasurer Simon Ball
explains that UDT " had more
seven-day money as a percent-
age of our total book than we
wanted."

MONEY MARKET FUNDS

Name Rate % paid deposit deposit

UDT 13f Quarterly 7-day £5.000

Smco Half yearly 7-day £1,000

Tyndall* Quarterly 7-day £2J500

Western Trustt 13* Monthly One month £10j000

* Chequebook alto provided, t As at 2SJ32. The rate changes daily
and is { per cent beneath London inter-bank rate on day money
deposited.

This week UDT has intro-
duced a revised version of the
scheme which is less attractive
to depositors than the original
but still offers more competitive
rates ihon building societies or
seven-day bank deposits to the
standard rale taxpayer. The
plan is to pay depositors i per
cent beneath Longtal. The rate
this week is 13S per cent, which
is marginally below the rates
available on the money market
funds from Tyndall Group and
Simro. The Tyndall Fund
has the added attraction of a
chequebook.

Inlerest is paid quarterly so
existing depositors will notice
the change between April 19

and July 19. Ban says “we
expect withdrawals just because
people are no longer getting a
premium. On the other hand
we are hoping to attract a
reasonable flow of funds." .411
in all. he will be satisfied if the
scheme treads water. “We will
be very plpased if after the
changes we come out at £100m
again.”

The minimum deposit remains
at £5.000 but the maxi urn has
been increased from £100.000 to
£150.000. Withdrawals must be
for at least £1.000. Although
interest as paid quarterly,
depositors now have the option
of rolling this up.

Rosemary Burr

The Association of
Investment Trust Companies

THE INVESTMENT TRUST TABLE

Thr fipim in Ihr- roluminVloir are ha'-ri
on infnrmaiionMippliod by (hr companies
named, which art* nwmhi , r fc of The
A-wintinn nT Imrsimrnt TVust
Cnmpimin-.Thr figures art 1 unaudited.

as at close of business on Monday 22nd March 1982

Total Assets
less current
liabilities
IP

£ million

Company

VALUATION MONTHKF

Alliance Trust

British Invest. TVust

First Scottish American Trust

Great Northern Invest. Trust

Investors Capital Trust

New Darien Oil Trust

Northern American Trust Co

River Hate & General Invest TVust. . .
xSave& Prosper Linked Invest Trust. .

Scottish Invest TVust

Scottish Northern Invest TVust

Scottish United Investors

Second Alliance TVust

Shires Invest Co

United States Debenture Corporation
Baillie Gifford & C-o.

Scottish Mortgage & TVust

Monks Invest Trust

Winterbottom Energy' Thist .

Bailfie Gifford -Japan Trust

Mid Wynd International Invest Trust
Baring Bros. & Co. Ltd.

Outwich Invest TVust

Tribune Invest TVust

Drayton Montagu Portfolio Mngt Ltd.
British Indust & Gen. Invest Trust

City & Foreign Invest. Co.

Drayton Ci unmercial Invest Co

Drayton Consolidated TVust

Drayton Far Eastern Trust

Drayton Premier Invest Trust

English and International Trust

Montagu Boston Invest Trust

xCHy and Commercial Invest TVust . . .

xl Jualvest Ltd

xJ^indinveKtLtd. -

: xTriplevestLtd

East of Scotland Invest Managers Ltd.

Aberdeen TVust

Edinburgh Fund Managers Ltd.

American Trust

Crescent Japan Invest TVust. .......

General Scottish Trust

New Australia Invest TVust

NewTbkvo Invest. Trust

Wernyss invest Trust

Elect™ House Group

Electra Invest. TVust

Globe Invest. TVust

Temple Bar Invest Trust

F & C Group

Alliance invest Co -'

Cardinal Invest Trust

F&CEurotrusl.

Foreign ii Colonial Invest. Trust

General Investors & TVustees

Fidelity International
x CVstic Fibrosis Research Invest Trust-
Robed Fleming InvestmentMngt Ltd.

Capital & National Trust

Claver house Invest Trust ..........

Crossfriars Trust

Fledgeling Investments . -

Guardian Invest Trust Co.. .........

London & Hulyrood Trust — .......

London & Montrose I n vest Trust

London & Provincial Trust ..........

Mercantile Invest TVust -

.Sterling Trust

Technology Invest Trust .... ........

1 Tniled British .Securities TVust

United States & General Trust Corp..
GT Management Ltd.

Berrj'Trust

x Child Health Research Invest TVust. .

GT Global Recovery Invest 1 TVust

C.T Japan Invest Trust

Northern Securities Trust

Gartmore InvestmentMngt Ltd.

xAltifund Ltd - •*--»••••«

An do -Scottish Invest Trust

English & Scottish Investors

Group Investors ... ----- - ■ ■ •

London & Gartmore Invest' trust. . . .

London & Lennoxlnvest Trust

London & Lomond Invest Trust

London & Strathclyde Trust

Meld rum Invest Trust. . . . ......

Gartmore Investment(bcotland) Ltd.

Scottish National Trust. • ■

Glasgow Stockholders Trust ........

"^Border ^Southern Stockholders Trust
General Stockholders Invest. Trust ..

Lake View Invest TVust

Stockholders Invest TVust .........

Banibrn Group

BishnpsgaLc Trust - -

City of Oxford Invest TVust

Hambtus Invest T™*t. ■ ■ -

■xRosedimond Invest Trust .. ........

Henderson Administration Ltd.

Whan Invest Co. - - — - -

Electric &. General Invest La.

Greenfrisr Invest Co.. .............

Lowland Invest Co. ...............

Philip HiU (Management! L™.

General & Commercial Invest Trust. .
General Consolidated Invest TVust. . .

Philip Hill Invest Trust

Moorgate Invest Truat

Nineteen Twenty-Eight Invest T rust .
Industrial & Commercial Fin. Corpn. LltL

London Atlantic Invest Trust

North British Canadian Invest Co. ...
Ivory & Rime Ltd.

Atlantic Assets TVust

British Assets Trust

EdinburghAmerican Assets TVust ...

Independent Invest Co.

Japan Assets Trust.

Viking Resources Trust • -

Klein wort Benson Investment N Ingt Ltd.
British American & General TVust

as at 26th February 1982

Net Geographical Spread

Share Aoset Nth. Gearing

Price Yield Value UK. Amen Japan Other Factor

'3' <4» '.5 1 tfij . 18' '9* <10 1

j pence % prurv % ba**' =100

Total Return
on NAVI
over 5 years
to 26.2.82
( 11 )

base =100

as at close of business on .1 In n day 22nd March 19S2

Total Assets
lei's current
liabilities
it'

£ million

Company

<21

Klein wo rtBen&on (continued)

Brunner Invest Trust

Charter Trust & Agency

English & New York Trust

Family Invest Tru«»t

Jos Holdings

London Prudential Invest TVust . . . . .

Merchants TVust

Lazar d Bros. & Co. Ltd.

Raeburn Invest TVust

Romney Trust

Murray Johnstone Ltd.

Murray Caledonian Invest Trust ....

Murray Clydesdale Invest TVust

Murray Glendevon Invest Trust. . . . .
Murray Northern Invest TVust ......

Murray Western Invest Trust

RivermoorManagement Services LtrL

London TrustCo.

Moorside TVust

River & Mercantile TVust

J. Rothschild Invest Management Ltd.

RTTLtd

AOsa Invest TVust

PredousMetals Trust

J. Henry Schroder Wagg Group

Ashdown Invest TVust

Broadstone Invest TVust

Continental & Industrial TVust

Tran s-Oceanic Trust

Stewart Fund Managers Ltd.

Scottish American Invest Co

Stewart Enterprise Invest Co

Throgmorton Invest Management Ltd.
x Throgmorton Secured Growth TVust .

Throgmorton TVust

Touche Remnant & Cn.

Atlas Electric & General TVust. ......

Bankers' Invest TVust

CLRP Invest TVust

Cedar Invest Trust

City of London TVust

Continental Union TVust

Industrial & General TVust.

International Invest Trust.

Sphere I nvest TVust

Trustees Corporation

Williams & Glvn’s Bank Ltd.

Atlanta. Baltimore & Chicago.

West Coast & Texas Regional

Net

Share Asset

Price VI eld Value

•:)■ 1 4.i (S» I itii

prvtv > pinin' | *s.

as at 26th February 19S2

Gearing
Japan Other Factor

(Si ifli llO'

<*,. % hasi' =100

■Total Return
onNAV.
over 5 years
to 26.2.82

(II)

base=100

VALUATION THREE MONTHLY
City Financial Administration Ltd.

"Investing in Success” Equities

General Funds Investment Trust . . . ,
East of Scotland Invest Managers Ltd.

Dominion & Geo era! Trust

Pentland Invest. Trust

NOTES TO THE TABLE

t . No data.

x Split capital trust 'capital sharps.

“ Applies lo i Winnry*V Ordinary »nlv;

* Dues not include spuci.il dividend.

□ Mure than une qu.invr in nnn-eqaity investment*.

• Mon- than 31*- in ■sfruiinV* or other assets
i ncl ud i d oi d i rrci i >r v al uabu n.

a c Adjusted fur scrip issue,
ar Adjusted (hr right-,

(a) Cols, L, 3 to 5 Figures supplied hr Wnrd Mabwis

& rn„ members nf The tftock
F.vdiringf

i.'nl. 1 to nearest ilm: Cols, o & o to
nearest ptnn> per share.

(b) Cols. 1,5 Statistics si mulattid to date shown

based on latest valuations supplied
■ by thr companies and madeav nibble
to The Stock Exchange., Ip these
valuations listed securities are
valued at mid-market prices and

(e)CoI.4

(dj Cols. 6 to 9

(el Col. JO

CD Cols. 5. 11

unlisted at directnnf valuation All
revenue aranint tLuns are excluded.
TLxed on lri*t declared dividend nr
firm ti«M.i-t, plus lux credit, to
nearest lU percent.

Percentages nf total assets lew cur-
rent liabilities Currency Kil.inces
.tre .dloe.itid m the relevant gev-
gniphiral sect nr.

Thr Bearing factor indicates the
perceniane amount by which ihe net
asset value per share would rise if the
value at' I Ik uqlllly assets increased
by lint per cent Further explanation
is given in the booklet Investment
UnM* today!

Prior charges and preference share
capital deducted at market value;
convertible aocks deemed to be
converted; warrants treated os not
exercised.

INDICES OF FIVE YEAR
TOT.U- RETURN

General Trust Average 198

F.T.-Aetuaries All Share' , 228

"Standard & Poors Composite 89

’CapitallnternationalWorld 99

“Adjusted for exrhange rate changes.

(g)CoLU Figure* supplied by A1TC Statistics

Service, to nearest one per cent. A
full description of the information
shown in this column is given in the
Investment Thist Year Book. In
summary the figures show the per-
centage changes in the net asset
values over the period assuming that
dividends paid, excluding tax credit,
were reinvested in the underlying
assets of the company;

EXPLANATORYNOTES

Use of total retnni statistics end care in Interpretation

The total return statistic, which adjusts the net asset values for dividends,
exdudinc tax credit; distributed during the period. enaUes companies with
substantially different capital growth and dividend policies to be more fairly
compared. A period of five years provides a good indication of trends and. in normal
circumstances, should covet a traditional bull and bear market in the major stock
markets

Each total return figure is indexed from a base of 100 at the cnmmeneemeRt nf the
period and records the movement between two particular dates. Any particular
total reiurn figure may thus be affected by eireptinnal racbint. operative at either
the ba^e date oc at the final date, which were influencing the slock market generally
or a sector of the market in which the company was interested. The geographical
distribution of a particular company's portfolio should be considered in assessing its
relati ve perionnanca.

While the total return statistic if used with care, provides a valuable guide to past
experience which can assist comparison of one company with anotheg or the trust

movement with other investment media, itahonld always 7m haras in mind fbstpaxb
performance is not a ecessarfly a gtnd a to fidure achievement.

The total return statistic for split capital trusts is not comparable with fluf. for
other companies bemuse of the difference in capital structure. The split capital
trusts have therefore been identified in the ThMeand are notinchidsd la Gen eral
TrusLAverage index figure.

Calculation ofNAV

In order to avoid s plethora of figures and to focflilate comparability the 'statistics
of net asset value hare been calculated nn a uniform basis which may, in the «■* of a
particular company; differ from the corresponding figures in its Annual Report
Accounts.

The net asset value is calculated on the “going concern* 1 basis, iewhfa prior charges
deducted at market value, as it is believed thatthis basis ia the most widely socen led.
far comparative purposes.

... —

j '.'-t

•• \ a _ .j

Please send me.

Brought up to date, tile revised edition of otxr explanatory
booklet is now available free of charge from the address below:

The updated graphs and data sheets demonstrate how
important it is to consider Investment Trusts if you are seeking
income, capital growth ora successful cnmhinatw>n of both.

Send today for your free copy
To: The Secretary,

The Association of Investment Trust Companies,
FREEPOST, London EC2B 2JJ. Teh 01-588 5347
(No stamp required if posted in the UK.)

. copy/copies of “Investment Trusts today.”

If you are an investment advisn; please indicate your profession!

stockbroker □ accountant □ solicitor Q inennran hrokar □ banker □ (plcaee tick.** appropriate)

ifg'sssss s?as.s3sr.^a-

„• - r f-

----- • • • ..

’ V-*- ' ^ j i if’ Its. ' S- V-’ a 1 ~ ’’

: r

' ; . ■

>

10

- — -

1

■

Financial Times Saturday March 27 19S2 *

— i

imiRYmKITWENT 1 1 PROPERTY

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Exclusive Representative for the Principality of Monaco of
SOTHEBY'S INTERNATIONAL REALTY

Free documentation upon request.

NEW LUXURY
APARTMENTS

Adjacent to Hampstead Heath from
555,450. Kirk Court, London NW11

*2b^ flate*3bediuaisOTefies*fias centra! heafing*Vi^to\^caraeto

* eledronKSecuiily ^-garages, *NHECpictec6an 1

Sales Centre and Show Apartments

Nowopen 7 daysa week 13am -6pm. Tdephone 01-4558507

for foil details and literature.

VfelgarthRoad is a turning' ||P|l Ds^wumIA
off North End Road just past flK 1

tbefeaffiDlightealGokierS BarrattSoothern Properties Ltd,
Green underground station. 66SHitchin Road, Lnlun, Beds. 0582

HAMPSHIRE

Near to the Wiltshire Border

An Exceptional
Residential Stock
and Arable Farm

Period Farmhouse, 3 Cottages
Staff Bungalow
Extensive range of
Farmbuiidings, Stabling and some

402 Acres

Virtually within a ring fence

Auction 5th May 1982

( unless previously sold)

'EARSONS

Agriculture House, High S trout
StDckbridga, Hampshire
Tel: (025481) 702

IN ROME (ITALY)

EUR FUNGO

wRMn MU' reach of aorhorts.
motorways and the sea

VILLA FOR SALE

anlqae tor luxury and elegance. located
on 1 BOO sa.m. covered, with 5400
M-m. park, beared swimming - pool,
complete with tntltue furaftorc. sculp-
tur«* and paintings py well-known
artists, reserved tor a Particularly
select Clientele.

Price; USS4.500.000
Please write to:

OR. GIUSEPPE A.PUZ20
70. via Indonesia 00144

ROMA EUR (Italy)

Madryn Castle

On mountain slopes overlooking the
sea a limned number of luxury
holiday Chalets offered for sale.
This is a rare opportunity to acquire
a holiday home on a Parkland of
distinction and beamy. Exclusive
but friendly atmosphere. Located in
natural gardens of new extinct
castle- All services provided,
finance available. Near to well
known beaches, good sailing, water
skiing, fishing and excellent golfing
facilities.

Madryn Castle, Madryn.

Nr. Pwllheli, Gwynedd.

Tel: 0758 720593
Robin W. Hunt

★ FLORIDA ★

Bead t> fid quality homes ready

f far to to occupy.

Uit In pee far ■ weak free.
The Meal tacatioo at peaceful
Zcphvrbnu.

lake bernadette

Ask me tor detain of UUs aaiqaa oSerr
Ken Sloan. S7 Macau I w Rd., Stockport,
SKS fiJR. Yd. «l-44i 7410.

rffie

International
Symbol of
luxury
Waterfront
living.

A wealth of pleasure
orientated facilities, golf
scaling, fishing,
swimming, tennis. There
are few places on earth
where you can. live like
this. For those of you with
discriminating tastes a

maces

30th March, 1982 at
Holiday Inn.

Swiss Cottage, NW3
31st March, 1982 at
Richmond Gate Hotel,
Richmond Hill. Surrey
1st April, 1982 at
Bromley Court Hotel, '
Bromley Hill, Bromley, Kent
at 6.00, 7.00 & S.00 p.m.

Modi Investment CdnsnltaotaLbL,

Suite 110, WaimergMiee.

2S6. B^ent Street. LotuhnWJRSBD

A good time to buy
London luxury homes

BY JUNE FIELD

SOME FOUR YEARS ago this
column posed the question "Just
how many expensive new and
renovated properties in London
do we need to satisfy demand?”
It went on to query whether the
demand was still buoyant and
where was it coming from?

Much the same questions
could be asked today, with more
and more central London
properties at top prices coming
on to the market and in the
main, finding ready buyers.
41 The last three months have
been the best we have had for a
long time.'* insists Mr Timothy
Simond who runs Mistral, the
Bum sail Street, King's Road,
Chelsea, estate agents.

“We are selling the interest-
ing and tbe umisudl. in a price
range generally £100.000 to
£235,0 00 -plus. People are realis-
ing that these sort of properties
will never be so cheap again. I
am confident that this, year will
be a good one. with the move-
ment in the market continu-
ing."

Current offerings include a
distinctive fivcMbedroomed
restored house with guest
accommodation. decorated
Oriental-style, in Glehe Place in
the heart of Old - Chelsea.
£295.000 freehold: and an
elegant twobedroomed apart-
ment with a large living-room
ooeumg on to a urettv ratio.
£89.500 for a 99-vear lease in
Warwick Square. SW1. Mistral’s
speciality is setiine some of the
large eld London houses which
have been rescued the

ravages of multi-occupation, and
turned back into decant familv
homes by Mrs Davina Phillios’
comoany, Davina Taylor
Developments.

Davina Phillips started in a
modest way in 1970 bv buying a
small property in Hampstead
with £5.000 drawn from her
bank, borrowing another £2.500
to complete the purchase- When
she had almost finished decorat-
ing it Cat tiie cost of another
£3.5001, a couple saw it and
offered her £15.000. She then
took on a larger loan, and
bought a bigger neo-Geordan
house overlooking Kenwood
Park, and repeated the process,
buying for £54.000. and selling
for £75.000. “I felt that fhere
was an untapoed market of
clients who wished to live well
in London, hut who did not have
the time to convert their houses
to their needs, or to spend time
away from (heir business mak-
ing decisions about redeca ra-
tion”

Her philosophy is to provide a

good standard of renovation,
and quality furnishing. "I love
to move walls and expand a
house where necessary,** she
says. “ Every house has a pur-
pose in life, which gives it
character. I like to choose
places which I feel I could live
in myself, and they aH tend to
have large studios which are
wonderful for entertaining, light
walls, lots of beamed ceilings
and natural wood, brass and old
furniture.

Darina's latest project in
Mulbeny Walk, 5W3, whose
stylish remodelling more than
lives up to tills description, has
just been sold to “a Rolling
Stone.” in the region of £275,000.
Miss Avril J. Butt of De (hoot
CoHis of Kwgfotsbridge, through
whom the place was sold, con-
firms that the luxury London
market has been steady for
some months “ completely going
against general market condi-
tions. but it is the prime and
the «ood that sells. ” Next week
De Grout CoTlis and Sturgis and
Son are launching another top-
market development at 99, Park
Lane, Wl.

Aylesford, another King’s
Road agent has achieved con-
siderable .success in The Boltons
area of London. Director Mr
Andrew Langton says that the
sought - after Gilston Road
houses with their handsome
gardens, the elegant tree-lined
Tregunter Road, and the attrac-
tive houses in The Bottom
themselves, are all being shown
to dients with renewed interest
A Greek family bought 27
Gilston Road about 18 months
aso for just under £400,000:
13 . Treganter Road, with its
indoor swimming pool, was sold
to a Nigerian, and last summer
an American businessman
bought number 37. Now Ayles-
ford has the White Lodge. 12
Gilston Road, double-fronted
period house surrounded by
large gardens, for sale at
£650,000.

In sought - after Chester
Square. Mr John Green of
City and St James's Securities
recently finished another of his
spectacular remodelling pro-
jects. One of the rare “ key "
houses in this most desirable
of Belgravia squares, on a
Grosvenor Estate lease of about
60 years, the det.vled floor plan
of the seven-bedroom, six -bath-
room property featured in the
sales brochure shows a Rolls-
Royce and Mini in the garage,
expected accoutrements of
someone who can afford
£975,000. Mr Green's projects

ere generally in the top bracket
(last summer one of the elegant
apartments In two of his- refur-
bished period houses in Eaton
Place was on offer for £485.000).
Agents for the Chester Square
. house are w. a. Ellis of Bramp-
ton Road, and MistraL
Hampton and Sons of Arling-
ton Street SW1, report that
60-70 per cent of purchasers in
tiie higher bracket are from
overseas, coveting a wide spec-
trum of nationalities, including
interest from Hong Kong. Singa-
pore, Malaysia, Australasia and
the Middle East, as well as
"Western Europe and the UJS.:
"For instance, the strength of
the dollar against the pound
during the summer months last
year substantially reduced the
price of properties sold to
Americans, and other nationali-
ties from 'countries with dollar-
related currencies," says Mr
Adrian Wright

An example of this thriving
international market is six
large fiats that Hampton's have
recently sold to overseas buyers
in Grosvenor Souare at prices
between £250,000 and £685,000.
In one case recently, the sale
of an apartment in excess of
£650,000 involved a contract
race between two purchasers,
while in two new developments,
The Terraces and Prince Regent
Court, m St John's Wood, there
have been 15 sales in the
£200.000 to £400.000 bracket
The two developers are Lon-
don and Leeds Investments, a
wholly-owned subsidiary of the
Ladbroke Group, and a banking
and development consortium
from Kuwait

South Lodge houses in Trevor
Place. Knighsbridge. one of the
few prime new developments
that central London has seen
for a number of years, first
marketed by Hampton's m 1979.
is now at last virutaHy sold out.
Sales have just been agreed
on two of the remaining three
houses in excess of £500.000
each.

Chestertons* Kensington office
also report an increasingly
lively market for the larger and
well-situated houses in their
area. Says Mr David Pallot:
“Around the £tm mark, buyers
have been found in days and
weeks rather than months, pro-
viding vendors have not been
seeking patently excessive
prices."

As many of their current
offerings have price tags of
well over film, one might well
be tempted to ask bow much -.

PMSA

AYRSHIRE COAST IN SCOTLAND

Girvorj 14 miles . •

5 L.U 1 JLAJNJLJ 15 ACRES

Stranraer 16 miles Ayr 36 miles

GLENAPP CASTLE, BALLANTRAE

WITH PLANNING PERMISSION FOR CONVERSION*
TO NINE LUXURY FLATS

One* of the finest examples of » Scottish Baronial home
luxuriously modernised and decorated. The Castle stands in an
elrvstsd position with views across the sea to Ailsa Craig lot
a district famed tor iu golf courses, shooting and fishing.
PRINCIPAL ACCOMMODATION

5 Reception Rooms, 3 Bedroom Suites. 3 further Bedrooms
and 4 Bathrooms.

Together with: 5 Reception Rooms, 16 Bedrooms.

6 Bathrooms, Oil fired Central Hosting.

Outstanding Gardens and Grounds. 2 excellent Modem Cottages,
UP TO 150 ACRES MAY BE AVAILABLE

FOR SALE BY PRIVATE TREATY

MICHAEL BARNE & PARTNERS
14 Alloway Piece
Ayr KA? 2AA
Tel; 0232 68161

SAVIILS
40 Charlotte Square
Edinburgh EH2 4HQ
Tel: 031-22G 6961

EDINBURGH 031 226 6961

46 Charlotte Square Edinburgh EH2 4HQ

SUNNY CALIFORNIA

Invest in year-round sunshine
Luxury private homes in
beautiful Palm Springs from
S200.000 or golf and tennis
condominium villas from
SI 35,0 00

CHESTEHTONS
118 Kensington High Street
London W8 7RW
Tel: 01-337 7244

AMERICAN

EXECUTIVES

seek luxury furnished flats Or
houses up to £350 per week.
Usual fees required.
Phillips Kay and Lewis
01-839 2245

FOR SALE

LUXURIOUS APARTMENT IN
FORT LAUDERDALE. FLORIDA
The Venice of America with over
IK milea of waterways, located
between Palm Beach and Miami-
New 2 bedrooms. 2 baths, priced
at S171.000. Owner must sell, will
accept $159,000 tar Quick sale.

Contact Mr Kahn 01-630 6383

296 Regent Street Suite 110

SWISS S.A.

SELLS

DREAM VILLA WITH PRIVATE BEACH

In th* Caribbean'* most beautiful sailing area
On ond of the most beautiful properties in the private island of Mustkyoa
In the West Indies we otter a spacious villa with swimming pool in
colonial styfei

PROPERTY AREA: 4 ACRES
WITH PRIVATE CORAL SAND BEACH

The island I* home of wealthy families from 12 nations. Right c o n n e ct ions;
Frankfurt to Barbados or St. Lueia approx. 8 hours; Miami to Barbados or
St. Lucia approx. 3h hours; from thorn to Mustique approx. 20 oMnutes^
ASKING PRICE JJSS84O.0OO (proof of funds required)

Excellent prospects tar loosing.

Further information with catalogue , may be obtained from
Box T.5638. Financial Timas, tQ Cannon Street. EC4P 40Y

a. »-■

ffour chalet or apartment I

m Switzerland at Alpe desOiaux. f

side.yttsitiiatedonjy ten minutes Jrom Vfflais. 4

J

which completely blends Into the surround^ ■

s-SsS? aaa !®® r ■

ror more information on I his Swiss resort oT
^outstanding quality send thereupon bekw^T

Aipe des Chaux SA. CH- 1882'cryon"p/\nnars! Swii^rrbnZ
Name:

Occupation; .TfcL N° ; •

Address:,

!%- i •

This 5 bedroom, 2 b at hroom f ’ t

house in lllchcster Place.

Kensington, W.14, backing
directly onto Holland Park,
with an open aspect towards the
Orangery, is £65(^000 for a lease
to June 24, 2055, plus carpets,
curtains and kitchen equipment
Detarts David PaUot, Chesterccms,

176 KensingCon High Street
London, WS, and Knight Frank and
Rutley

more excessive can one get?

The latest units to go on the
market are those at 21. Kensing-
ton Court, W8. a listed period
house which has been con-
verted into four apartments and
a penthouse. The developers
are Abbey Properties, part of
Abbey Ltd. a Dublin-based
group with a turnover last year
of over £59m, and a pre-tax
profit of nearly £3.6m. Abbey
Properties are currently build-
ing about 600 houses a year in
this country which sell at an
average price of £30.000. and
were responsible for a special
Solar Energy House at the
Milton Keynes ** Bomeworld “

1981 exhibition.

“The redevelopment of 21,
Kensington Court is their first
venture into the central London
residential market, and their
subsidiary, T. Headley, has x

carefully supervised the con- “**

version work,” says Mr Michael
Harper of Chestertons, 116.
Kensington High Street. W8,
who are marketing the apart-
ments at prices from £110.000 T

to £128,500. The second floor t

apartment and the penthouse t>

have already been 'sold to K

Norwegian companies.

This 3 bedroom, 2 bathroom home in Orthcart Read, SWfO. near
The Boltons, has. .been described. as “London's prettiest house.”
■Detail* Timothy Sbnoad. Mbtral, Blenheim House, Burma ii Street,
King’s Road. London. SW3 (OI-JSl 3131), who is asking £220,000
for the free h old

wnm

u ■asiMf-

liif!;

HI s

Puerto de la Duqucsa

. " GIBRALTAR 30 MINUTES

• Celebrate the opening of Gibraltar

3* ’ PK london lo’Oitir^mr to London Aprt Qta-2hh Termr. ar>1

S I j SjSJEui nxkg3«rimtTftOLrriafnents Special ctcasor.ro vie.v '.oohitficated
— VlT^w mL' newmara«resQn\Mfficlatncarcf««ns^?rTiUciiuct nfifaorTs.

* " ressuafasonihehdtauijlroralf&raawnixMtDfrtotFawintMnrop p,

z F&cl t Are^puchawJwrapcaiappieaaDori .

e.TT "350 Berth Marina" Bench* Golf* Ifcnnh

1 m Apartments homS 2 SfiOQ to i\ 2 S, 000 .

tr -51 HSPECHON FLIGHTS EVER* WEEKBMD W. GJKMT.Mf.

17 MONTPELIER STRUT. LONDON SWZTek 01-589 3400. Mandwstgr: OBI-8343386; Hnbmgb: 031-225 4883,- Hong Kong: 52B 648L

| Start with a better home for your

money:

AdiwittbrthottsattJsofpc'imfis
you will saveon heating, maintenance
and built in features.

Add to thar a fantastic range of
flexible ofters that make chem easy to

buy— whether you ore a 1st time buyer
or Have a difiku be house to get rid o£
Add to that a better mortgage that *
will save you thousands more.

These a ret he best total offers in
Britain today!

Thone Woking761 55 fw our
FREE facte on financing a House,

Choose from these Ideal locations

rtuHi tA’di px e\ O’ awiifaJifj.

Ashtead 2 4*4 hed LK-WfiOO
Basingstoke 1 , 2. 3&4 bed £21-51.000

Bordon 1 &.3bcd£20-29.0i»

Cob ham* * 2, 3. 4 & 5 b«f£tjM30,000
Datchet 5 & 4 bed £50b6,0a)
Guildford 3 &4 bcd£52*7 J &»

Homes

Hampton 1, 2 & 3 hfd £27-40,000
Newquay 2 & 3 bed £20.26,000
Orpington 54sl* bed £47-55.000 *

St. Albans 1. 2. 3 bed£23-57,oat)

Sipson 3 bed £39,700

Welwyn Garden City 2, 3 &.4 bed

i'7'H.OOO

.Wimbledon 1. 2 & 4 hed £30-55.000
Woking 1,2,3 &.4bed£24-49jiX).

Coming Next .

.Camden Town, Fulham &5uifcitoa

** A Trollope SlCoOs homgt
dtrwelopnterit.

New ideal Homes Lrd.Gotdswmh - .
^^^'sR^TSotinfoSuac,

Thone Waking 70S1&

Pte send me details (ftfeste&rvt '

ticked. ’

Name.

Address..., ...... ‘V’*

FT 531$

DEVELOPERS AND BROKERS “
THE NEW AMERICAN RIVIERA OFFERS YOU
UNIQUE PROFIT OPPORTUNITIES

villas, timoshar.rtg, condominium* ‘Ld tar honws.

ino i

Financial Times Saturday March 27 1982

LEISURE

-ii

l v j
S.*. ■ r •

; J.

fV.

Vs jui * .

■ ■ • * f? *

* *.-i

•?; . •

~ ;.vvi V--.'*

It all depeaids on what you mean by golf . .

From P. R. to Gleneagles

travel

ROGER PAUL

IT ALL DEPENDS, as Profes-
sor Joad xmgttft have said, on
Wnst you mean by hoiladay golf.

, 0 P £, im,anc * 1 Played
18 Wes before breakfast, got
round in 70 and fefct so pleased
and proud of myself ttest no-one
could do anything wrong for the
jest of itoe trip. Tbe fact chat
Che course measured only 4,000
jaws and was in the back
garden of fihe La Toe Hated in
;St Lucia was wilfully sub-
merged beneath the fact of a
net 58.

That, probably, is playing
golf on. holiday. Holiday golf,
is altogether more serious and
maybe for that you need the
challenge of a great golf course.

They are a wee bit thin on
the ground in the Caribbean,
and non-existent in St Lucia.
But that is not to say that there
are not any merely good
courses elsewhere in that
crescent of beautiful islands.

Ja m aica, for instance, has
Tryall Golf Club, which I know
has a magnificent front nine.

I cannot tell ~ you about the
homeward half because before
we could play it a rainstorm
of epic proportions engulfed us
and confined our match to a
handily situated halfway hut.
It sold Bed Stripe beer and by
the time was ready to let us
continue, the Red Stripe was
not

You could have a proper golf
holiday in Jamaica. There is
a choice of first-class golf at
Tryall, Half Moon and Run-
away Bay to keep you occupied
for a week or so and it would,
in any case, take you and your
fourball that length of time to
fathom the best way — indeed
any way — of playing the back
nine at Rose Hall golf club.

The course Is carved out of a
tropical forest hill side and the
design of the holes is dictated
by huge crops of rock, water-
falls, sharp drops of landscape
and the densest of vegetation.
■One par four demands a five
iron off the tee, followed by
the same dub again; another is
a four iron and a seven iron
and one of the par fives is,
to be safe, an eight iron off the
tee, a four wood and another
•eight iron.

It’s a good idea to choose your
season if you are going to the
Caribbean. The last time I was

-V; ••••*|

M

there it was mid-April and it
rained every afternoon around
4 pm. However, before that it
was beautiful and so hot that
shorts were almost a necessity.
The problem with that is that
unless you have had the fore-
thought to use a solarium and
literally get your legs brown
before you go you will inevit-
ably suffer with sunburned
backs of knees.

Some more bandy hints. Take
a neckerchief, a couple of floppy
hats so that the ears are covered,
supply of light coloured gloves
— the dark ones don’t show the
sweat and can get soaked and
useless without you realising it
— and a plentiful supply of
balls. Off the fairway in most
parts of the Caribbean and it’s
jungle and lost b all-

Puerto Rico is firmly in the
Caribbean but the golf is rather
more Americanised. There are
four excellent courses, designed
by Robert Trent Jones; two at
the Dorado Beach Hotel and two
more at the Cerromar Beach.
They are testing enough off the
back tees but there are resort
tees which make the courses
enjoyable.

As you might expect there is
plenty of water and the profes-
sional, Chi Chi Rodriguez no
less, sells ammunition that has
been recovered from, the lakes
and the jungle. He calls them
“ experienced balls,” they are
often all but new and sell at
75 cents each. Rather like the
" ’gator bait ” balls in Florida.

One hole, the 13th on the

East course at Dorado, is par-
ticularly productive for Chi ChL
It is a par 5 which features two
lakes which have- to be carried, .
with the sea at the back of the
green. There is no point in not
attempting the carry off the tee
at least once and if, like me,

■ you actually get over the water
you are likely to be so elated
that you top your second, a fair-
way wood inevitably, into the
next lake.

Dorado Beach, both as a hotel
and a golf course, was a revela-
tion and now that British
Caledonian have started direct
services to the island I can see
it attracting hordes of golfers
who want continuous holiday
golf, 'with plenty of variety —
particularly given that the
standard of food, accommodation
and above all service which is
so frequently . lackadaisical in
the tropics, is first class.

No one has ever seamed
Gleneagles of being tropical and
its beauty is of an entirely
different type, lit is, neverthe-
less, one of the outstanding
places in the world to play golf
and the new company, Glen-
eagles Hotels Ltd, that has
taken over from British Rail,
are intent on improving it
further.

They are restoring the King’s
Course to the original design
created by James Braid, which
involves stretching the lay-out
by some 300 yards. This in turn,
means that tbe bunkers and
mounds, the copses and crests,
which. Braid so cunningly con-
trived for the equipment of his
time, wifi come back into play.

They are also spending a total
of £5|m on renovating -the hotel,
adding a leisure complex. They
will be offering goH packages,
both with and without instruc-
tion from professional Ian
Manchbank and if the thought
of flying aH the way to the
Caribbean is just too tedious,
Gleneagles is an excellent
alternative.

• British Caledonian fly to
Puerto Rico on Thursday.
S aturd ay and Sunday and an
APEX ticket is £336 return.
The Dorado Beach Hotel has a
special “two together" offer
from April 15 to October I with
green fees, a host of sports
facilities, all food, and wine
with dinner inclusive, five days
and four nights, $351 per
person. Ring 01-730 8687. Both
British Airways and Air Florida
fly to Jamaica and the Jamaica
Tourist Board is at Jamaica
House, 50, St James’s Street,
London SW1 (01-499 1707). The
Gleneagles Hotel is at
Auchterarder 223L

, INVEST- IN 50,000 BETTER
TOMORROWS!

50,000 people in the United' Kingdom suffer from progressively paralysing
MULTIPLE SCLEROSIS — the cause and cure of which are still unknown —
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Room FI, The Multiple Sclerosis Society of GJft. and NI.

286 Munster Road, Fulham, London SW6 6BE ■

A BREATH
OF FRESH AIR,
FROMLOTUS.

Lords v . Commons

The new Mercedes-Benz 380SEC It annihilates distance and always takes good care of you

A real test of braking power

IT ALL happened so neatly that
it could have been stage man-
aged. Tbe morning was misty
and there were traces of black
ice here and there as I pointed
the Mercedes-Benz 380SEC
towards Dover and the Towns-
end-Tho resen ferry to Calais.

The road ran straight through
tall woods. I had just finished
telling my wife, who sat besfide
me. that she couldn't be in a
safer car than the ABS anti-
lode braked Mercedes. And
then, with a momentary flick
from dipper to full beam, I
pulled out to overtake a fat
yellow Post Office van.

As I pulled alongside, 1 sud-
denly saw tbe Fiat; a 127 that
the van had been tail-gating so
closely there was no way I could
have known it was there. And
the Fiat had its winker going,
indicating a turn into a farm
entrance on its offside.

There was only one thing to
do; brake hard. I did— and the
big Mercedes slowed as if a
giant were pulling it back on a
string. No drama, no tyres
fighting for grip on the slip-
pery surface. Just smoothly
powerful braking. The speed
fell away as though the car
were rolling on drv concrete.
There couldn’t have been a
better demonstration of the
safety value of ABS brakes.
They are standard on the
£28,700 500SEC, but a £830
extra on the 380SEC. Money
that, in my view, could not be
better spent

When 1 first drove the new
Mercedes coupes last autumn in
Germany, I said tiiat I thought
they were the best cars of their
kind in the world. A bold claim?
On tbe. basis of brief experience,
I suppose so, but I wouldn’t go
back on it Driving to Geneva
and back in a 3S0SEC merely

TRAVEL

confirmed my view.

There is something special
about the 380SEC when you get
behind the wheel and turn the
ignition key. A robot arm buzzes
forward bearing the seat belt
clip, which in pillarless two-
door bodies is usually awkward
to reach.

This is one small example of
the Mercedes philosophy that
all problems can be solved by
tare application of research.

MOTORING

STUART MARSHALL

development and sound en-
gineering. Another is the door
switch controlling the electric
seat adjustment It is not one
of those anonymous things you
fiddle with until you find out
bow It works but a miniature
has relief of a seat You push
at the cushion or the backrest
until the position of tbe real
seat is exactly bow you want it
More important of course, is
the way Mercedes-Benz have
“dried out” their 3.8-litre and
5-litre V8 engines. On a 1,273-
mile Calais-to-Calais round trip
I averaged 22 mpg. normally
aruising on the autoroute at a
tolerated if slightly illegal 90
mph. There “is no difference
in the level of wind, road or
mechanical noise from 70 mph
to 110 mph. The only constraint
on journey times is one’s
conscience. Harder driving in
mountainous country dropped
the mpg figure to 19.1 but a
gentle 5660 mph loaf on the
final leg (we had a lot of time
in hand) produced an astonish-

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LEGAL NOTICES

No. 00839 of 1382. I

IN THE HIGH COURT OF JUSTICE.
Chancery Division, in the Matter of !

YORK HOUSE TRADING LIMITED
end in the Matter of the Compenwa :

1S48

notice’ IS HEREBY- GIVEN that a
Pettton was on tbe 18th February.
1982 presented to Her Majesty's High
Com* of Justice far the confirmation of
■die reduction of the Capital of the
above-named Company from £1.000,000
to £250,000 by returning capital which
la In excess of the wants of ihs said
Company.

AND NOTICE IS FURTHER GIVEN
da a ahe said Petition is duactad to be
heard before the Honourable Mr Justice
Menryn Device at the Royal Courts of
Justice, Strand. London WC2 on Mon-
day. die 5th day of April, 1962.

Any Cretflror or Shareholder of tha
•aid Company desiring to oppose tha
Risking of on order lor the confirma-
tion of the said reduction of Capita!
should appear at die time of haarmn
io pemon or by Counsel for that
purpose-

A copy of the said Petition will be
fumlsbsd to any such person recmJr-
Ing tbe same by the under-mentioned
Solicitor on payment of die regulated
charge of dm mm*- . ma _ ,

Datsd this 27th day of March, .1982.
MESSRS. G GULDENS
o I 118 Chancery Lane,

London WC2A TJJ

SoiicftofB for 0m above-named

Company,

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After 500 miles one has no
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COMPANY NOTICES

CORRECTED NOTICE

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ULSJQO.OMLOOO 81% Guaranteed Bonds 1987

Citibank. NJt, as Principal Paying Agent, announces that Bonds
for a nominal value of Ufi.53fOOO.OOQ were purchased for the
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The principal amount outstanding after March' 15. 1982. ft
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Citibank, NJC, London

BRIDGE

tp.c. corrai

THE ANNUAL BRIDGE match
for The Guardian Trophy
between the House of Lords
and the House of Commons was
once again staged at the Inn
on the Park, where great hos-
pitality was extended to players
and guests alike.

The Lords were the ante-post
favourites, and they justified
this confidence in them by
emerging the winners by 1,920
points after 23 boards of dupli-
cate with rubber bridge scor-
ing.

I was acting as scorer in one
room, and watched this deal
which certainly did not lack
incident:

N

• A 4

O 10 2

O Q J 9 7 4

* K 10 9 3

W £

♦ 62 ♦ Q 10 9 8 7 3

OQJ0865OAK43

O 6

♦ Q 6 5 2

O A 8

♦ 4

S

♦ K J 5
O 7

0 K 10 5 3 2
+ AJ87

With North-South vulnerable.
South dealt and opened the
bidding with one club. What,
I thought," is he going to rebid
if his partner bids one heart?
West passed, and North replied
with two clubs, which really
was taking a pessimistic view
of the position. East competed
with two spades — to double was
a better course of action — and
our intrepid South now bid
three diamonds, a reverse bid
for which be is hardly qualified.
West passed. North raised to
four diamonds, and South —
you've guessed it — went five.
This was doubled by East and
all passed.

West led the six of spades,
and South won Blast's Queen
with his King, at once return-
ing a diamond to the Knave.
The Ace won, and was followed
by King and Ace of hearts. The
second heart was ruffed by the

CHESS

ISONARD BARDEN

AT THE. END of last year’s
world title match in Merano,
Viktor Korchnoi looked a tired
man feeling his 50 years.
Anatoly Karpov, 19 years
younger, glowed with health
and basked in anticipation o£ a
continued long reign as
champion.

But their first tournament
performances following their
one-sided match have provided
the reverse of expectations.
Karpov, apparently warned by
doctors not to travel to
Argentina due to nervous
exhaustion, struggled all the
way in Mar del Plata and only
rose above a 50 per ccat score
in the final couple of rounds.
Korchnoi stayed in Southern
Europe where he has won two
tournaments in buoyant style.

Korchnoi's victories were
achieved against opposition
notably weaker overall than his
rival faced in South America:
but- 15 points out of 18 repre-
sents high class play even
against second-line grand-
masters. At Banco di Roma in
February, Korchnoi lost to
Marioiti of Italy but still
shared first prize: Korchnoi
and Pinter 7 out of (9),
Mariotti 51, Brako and Marovic
4], Tatai 4, Robatsch and
Zichichi 3£, Soos 3, Unzicker 2i.

Last week Korchnoi went to
the annual Lugano Open, a
ISO-man Swiss system event
where his rivals included four
GMs and 20 Ms. The interest-
ing feature at Lugaao was that
Korchnoi and Boris Spassky
played in the same tournament
for the first time since their
ill-fated 1977 match. ' Then
Spassky introduced the con-
troversial practice of exiting
off-stage when it was hig own
turn to move and analysing
from the giant demonstration
board. Korchnoi protested
violently at "the time but used
similar tactics in the latest
Karpov match.

Korchnoi v Spassky 1977
ended with both players, pre-
viously lifelong friends, vowing
to have nothing more to do
with each other. At Lugaao,
Spassky at first continued the
vendetta, refused a handshake,
and in the early rounds
requested the controller to sit
him at a different table from
Korchnoi. Then they were
paired. Korchnoi won a long
game, and Spassky extended his
hand.

Results at Lugano were
Korchnoi 8 out of 9, Nunn 7,
Spassky and five othexs 6}.
John Nunn, Britain's No 1,
drew with Korchnoi in the final
round, went through unbeaten,
and gained confidence for next
month’s Phillips and Drew
Kings where he will play
Spassky.

Another significant resutt at
Lugano was the performance of
an Engfand a junior team who
travelled with, the he4p of
Lloyds Bank, the Slater Foun-
dation end the Friends of
Chess. Two 17-year-old, Bowden
and Lane, both internationally
unknown, totalled six points,
just behind Spassky. Both are
among the 25 England school-
boys who will meet Karpov on

declarer, which was an un-
expected blow for the noble
duke sitting East, and the con-
tract now depended upon find-
ing tbe cdub Queen. This was
not a difficult task. East is
known to have started with six
spades and two diamonds, and
can hardly hold fewer than
four hearts — with seven hearts
West might have found his
voice — and Sooth finessed
against West, and made his
contract

The next hand did not work
out so favourably for the
Commons:

N

* A Q 9 2

© Q 6 4

O K 5

* J 10 9 4

W - E

♦ 8 7 4 ♦ K 3

© 9 3 ©37

OQ 10 764 O A 9 3 2
+872 +AQ653

S

* J 10 8 5

© A K J 10 5 2

O J 8

+ K

At a love score North dealt
and bid one spade, East over-
colled with one no trump. South
sadd two hearts. North raised
to three hearts, and South bid
the game.

West chose to lead the spade
eight, dummy played low, and
the King won. East then cashed
the Ace of clubs, dropping the
declarer's King, and exited cor-
rectly with the three of spades.
South won in hand, drew
trumps with Ace and Queen,
and led the Knave of clubs,
intending, presumably, to take
a ruffing finesse against Bast,
but when East played low, he
ruffed. He then crossed to the
table with a spade, and led the
ten of dubs. East again play ed
low. South thought for a
moment and, his nerve failing
him, ruffed again, and was
forced to go down.

It was essential to discard a
diamond on one of the club
leads — there was no way in
which he was going to make a
Crick in diamonds, if he was
forced to open up the suit him-
self.

If North had played the
hand in spades, the problem
would not have arisen, and ten
tricks would have been
gathered in without difficulty.

April 13 in a curtain-raiser to
the Phillips and Drew.

Though Black's defence is
poor, this week’s game shows
clearly that Korchnoi is back
on song.

White: V. Korchnoi (Switzer-
land). Black: S. Tatai (Italy).
Queen's Gambit (Banco di Roma
1982).

1 P-QB4, P-K3; 2 N-QB3, P-Q4;
3 P-Q4, P-QB3; 4 N-B3, N-B3;

5 Q-B2 (less analysed than the
Meran variation 5 P-K3 or the
Anti-Meran 5 B-N5); QN-Q2;

6 B-N5, P-KR3; 7 B-R4, PxP;
8 P-K4, P-KN4.

A normal move in the Anti-
Meran, hut here a serious weak-
ness; better P-QN4 at once.

9 B-N3, P-N4; 10 O-O-O, N-N3:
11 P-Q5! KPxP; 12 N-Q4, B-Q2?
(better E-QN2); 13 P-K5. N-R4
tN-KNl saves the piece but
leaves White in control): 14
P-K6! NxB (or PxP; 15 Q-N6
eh); 15 PxB ch, QxP; 16 RPxN,
O-O-O; 17 P-R3, P-QR4; 18 B-K2
K-N2.

Black, with three pawns for a
piece, is jmt badly off on a bare
head-count: but the static extra
pawns are poor defence for his:
king as Korchnoi quickly
demonstrates.

19 N(Q4)xNP! PxN; 20 NxQP.
Q-Bl; 21 Q-B3, B-B4; 22 QxP!
NxN; 23 B-BS, K-B3: 24 P-R4,
PxP; 25 QxP ch, K-N3: 26 BxN,
BsP: 27 Q-N4 ch. K-B2: 2S .
KR-B1. B-K6 ch; 29 K-Nl, R-Q2;
30 QxP ch. K-Ql; 31 B-B6,
Resigns. If RxR ch; 32 RxR ch
followed by 33 R-QT'ch. White
wins the queen or mates.

POSITION NO. 416

BL/USK Apnea)

OOmesis)-

J. Plaskett v. K. 3owcien, Arc
Young Masters 19S2. Black tto
more) is behind in development
and his queen is attacked. If
1...Q-RS ch; 2 R-Ql and While
maintains the pressure.

What should Black play, and
how should the game go ?

PROBLEM No. 416 .

BLACK(2«en) -

SBMEC§ non)

White mates in two moves,
against any defence (by W. A.
Shinkman).

Solutions Page 14

12

Financial Times Saturday March 27 1982

BOOKS

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All smiles

BY JOE ROGALY

v to the Wreckage
by John Mortimer. Weidenfeld
■and Nicolso n, S&SO. 200 pages

Then there was this English
. actress, who was around and
about with her English husband
while Mr Mortimer was working
at the Boulogne studios. Paris,
shootihg A Flea in Her Ear for
20th Century Fox. The actress
absented herself from her
husband for. one night while
Terence Rattigan was visiting
town.

She would not explain her
night of absence (o her husband;
but he even to ally forgave her,
they were reunited, and off they
went with Mr Mortimer to
dinner at “Marius et Janette.”
“Half-way through the even-
in g,*' [writes Mr Mortimer,]
“the errant wife leant across
the table and spoke to me, in
ringing tones and with a
strong English accent, words
which must have taken her a
considerable time to prepare.
‘Cher John,’ she said. ‘Hier
soir j’ai fuckfi le chauffeur de
Terence Rattigap dans le Bo is
de Boulogne.'

Her husband had the good
manners, or good sense, to
treat this as a remark couched
in such idiomatic French that
he was quite unable to under-
stand it. He decided to order
the Sole Meuniere, and the
dinner proceeded to a peace-
ful conclusion.”

You will find at least 200
yarns of this kind in Clinging
to the Wreckage, taking Mr
Mortimer's average at about
one per page. Perhaps that is
all that needs to be said about
his book, and it is praise
enough, for chances to smile,
with an occasional out-loud
guffaw thrown in. are given us
by few contemporary writers.
Wodehouse and Thorne Smith
are dead; at least John
Mortimer is coming along to
keep us smiling through. His
principal object, using a phrase
of his own, seems to be: “an
admirable determination to
entertain.”

We admire it the more when

we relate it to that essentially
English phenomenon, the pro-
pensity to make light of the
heaviest burden of sorrow. In
this week, when Mr Mortimer
and his works are everywhere
to be found, it is hardly neces-
sary to rehearse the story of
his blind father, who refused
to acknowledge that he was
blind; but continued, cheer-
fully, determinedly, with flashes
of an idiosyncratic and illumin-
ating wit, to practise his advo-
cacy in the Divorce Courts, and
record * the cultivation of his
garden at the family home. His
wife — the eyes, pen, and prop
of this remarkable man — con-
tinued long after his death to
behave as though he had not
died; just as in life the spoken
assumption was that there was
no impediment to his sight.

Admiration no doubt ceases
with the faction which opposes
everything Mr Mortimer appears
to represent It recalls that
without and his erstwhile
contemporaries— Kenneth Tynan
plus the other “ permissive "
figures of the early 1960s — the
present freedom to publish
more or less anything, and say
or simulate more or less any-
thing on stage, would not exist
Is the fact mere coincidence
that the recent TV adaptation
of Brideshead Revisited, with its
flashes of the human anatomy,
was written by Mr Mortimer?
If your heart is with Mrs Mary
Whitehouse, then Air Mortimer,
author, playwright, advocate,
Q.C., and defender— in the
■highest courts— of rude books,
is your living enemy: the soft
liberal • progressive-permissive
who started, or helped to start,
the rot

Alternatively, as one soft
liberal-progressive television arts
critic put it on the box the
other night, you will find this
a “wise and funny book.*’ Or,
on the third hand, you might
wonder about Mr Mortimer’s
famous strength— which is, of
course, the strength of the
English: strength symbolised by
his remarkable parents and by
national behaviour during the

Mac's back

BY MALCOLM RUTHERFORD

MW'.. .

Olivier as Mortimer senior

second world war — the ability
to keep cheerful, to call Hitler a
rabbit to make a laugh of it
whatever the horror.

For it could be that in peace-
time this strength is a fatal
weakness. Is it really of such
great moment that we can now
print Improper jokes? Is it
really conducive to effective
thought that we insist on not
admitting our national blind-
nesses, but rather show cour-
age by keeping busy, and
outwardly happy? If life is
regarded as a brief flicker to
be enjoyed if possible, bnt at
the least endured, then perhaps
that is correct.

Across the water, where out-
wardly light-hearted liberal
intellectual clowns are not held
in such high regard as they can
be over here, this attitude is
incomprehensible. It is pas
serieur. It is not Mr Mortimer's
fault that so much English pub-
lic life is simply not serious. It
shaped him, at Harrow, and
Christ Church, and the Temple.
We > are excellent at fun. But
are we good at anything else?
I don’t know. Let's forget it.
Turn instead tb page 35, and
find out why the school
Chaplain said, deeply shocked,
to the boy Tainton, “Really my
boy, you should save that up
till you are married. ...”

Harold Macmillan: A
biography

by Nigel Fisher. Weidenfeld and
Nice Ison. £12.85. 404 pages

• Almost the most telling sen-
tence in this thoroughly enjoy-
able book is the first; “ Harold
Macmillan was bom at his
parents' home in Cadogan Place
on February 10, 1894."

It is the sweep, the span of
time that matters. Here is a man
who remembers the 60th anni-
versary of the reign of Queen
Victoria, who was left for dead
‘ in the first world war, almost
killed in the second, survived to
become Prime Minister, and who
is how the greatest living Toiy.
The story is so good that it
would be almost impossible to
tell it badly, though Macmillan
made a pretty fair attempt him-
self in his six volumes of
memoirs.

Nigel Fisher restores the
human and the political touch,
bat even be has to admit to one
disappointment. He had hoped
that this would be a definitive
biography, but in the end he
agreed with his subject that the
more personal elements should
be omitted.

Still, the tale is worth felling
again for, even in political
terms, Macmillan is not a
simple character. In the 2930s,
as the MP for Stockton-on-Tees,
he was well on the Left of the
Tory Party. Clement Attlee has
been quoted as saying that if it
had not been for the war. he
would have crossed the floor,
joined the Labour Party and
become leader.

After the war, when the
Tories were in opposition, he
toyed with the idea of a

Conservative - Liberal merger
and wrote an article for the
Daily Telegraph headed “Tbe
case for alliance or fusion.”
Yet, as a Minister, the Left-
wards or Liberal leanings were
not always quite so apparent.
It was Macmillan who said
before Suez ' that he would
rather pawn the pictures in the
National Gallery than accept
humiliation at the hands . of
Nasser. Then, when Hie Suez
expedition failed because -of
lack of tLS. support and the
effects on the pound, he was
the first to lead the retreat.
Clearly there are shades of
opportunism.

The story of his premiership
unfolds almost like classical
drama; three and a-half years
of unprecedented success, in-
cluding the 1959 election vic-
tory, followed by three years
of gradual decline engulfed by
such scandals as Vassall and
Prafumo.

In the early period he was
more concerned with foreign
affairs; for example, restoring
Anglo-American relations. In
tbe latter, he turned more to
the domestic economy, and it is
here that some present Tories
cannot easily forgive him.
Macmillan saw the resignation
of one Chancellor (Thorney-
croft) because the Minister
wanted stricter control of pub-
lic expenditure than the PM
would allow, and sacked
another (Selwyn Lloyd) be-
cause Lloyd and some officials
were against reflation. It was
because of the Prime Minister's
economic profligacy, say some
Tories, that the rot set in. Cer-
tainly no one has yet satisfac-
torily explained how the hal-
cyon days of the late 1950s gave

Bellowing in

dark BY GEOFFREY MOORE

Macmillan: a full life

way so quickly to the disillu-
sion of the early 1960s.

To crown it all, Macmillan
became ill and resigned on the
very night after he had de-
cided to carry on. and all that
in tbe middle of the party con-
ference. The Tory succession
has never been the same since.

What this book shows is the
extent of the change over which
he presided, both in foreign
affairs and at home. Macmillan’s
secret. I think, was that he out-
snobbed the Tory Party. Leftish
by inclination, he had no prob-
lem in buttering up the Right
and he enjoyed both roles.

Here he is talking to the
author about Mr Heath and Mrs
Thatcher “Ted was a very good
No. 2 (pause). Not a leader
(pause). Now you have a real
leader (long pause). Whether
she is leading you in the right
direction. . ,

End of road

BY ISABEL QUIGLY

BUILDING SOCIETY RATES

Abbey National

Deposit

rate

%

9.50

Share Sub'pn
accounts shares

% %

0 75 nnn

Aid to Thrift

10.50

10.75

9fi0

9.75

11.00

Anglia

9.50

9.75

11.00

Bradford and Bingley

9J25

9.75

1L00

Bridgwater

9.50

9-75

11.25

Bristol Economic

9.75

10.50

11.00

Britannia

9.50

9.75

11.00

Burnley

9.50

9.75

11.00

Cardiff

9.50

10.50

11.50

Cardiff

—

11.00

Catholic

9.50

10.00

11.00

Chelsea

9.50

9.75

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Cheltenham and Gloucester

9.50

9.75

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Cheltenham and Gloucester

—

10.75

—

Citizens Regency

—

10.00

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City of London (The)

9.75

10.00

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Coventry Economic

9.50

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Derbyshire

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Ealing and Acton

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Gateway

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Gateway

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10.75

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Greenwich

—

10.00

11.25

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Heart of England

9.50

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Hearts of Oak and Enfield ...

9.50

10.00

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Hendon

10.00

10.50

—

Lambeth

9.50

10.00

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Leamington Spa

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9.85

13.20

Leeds and Holbeck

9.50

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Leeds Permanent

9.50

9.75

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Leicester

9.50

9.75

1L0O

Liverpool

9.50

9.75

11.05

London Grosvenor

9.50

10.25

12.00

Momington

iaso

11.00

—

9.75

10.05

11.05

Nationwide

9.50

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Newcastle

9.50

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New Cross

9.50

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—

Northern Rock

9.50

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Norwich

9.50

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Paddington

9.25

10.25

1L75

Peckham Mutual

9J50

10.50

—

Portsmouth

. 9.S5

10.05

1155

Property Ownere

9.75

10.25

11.75

Provincial

9.50

B.75

11.00

Skipton

9.50

9.75

11.00

Sussex County '

9.75

10.00

12.25

Sussex Mutual

9.75

10.25

11.50

.Town and .Country;

9.50

9.75

11,09

Wessex

9.75

10.75

.Woolwich

9.50

9.75

1L00

Yorkshire

9.50

9.75

11.00

formerly Huddersfield &
Bradford and West Yorkshire

•Term shares

%

1L75 6 years. Sixty plus, 10.75 1 year
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2 m. not or £100 + 60 <L int pen.

12.00 6 yrs., 10-75 1 mth. not int loss

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— 3 mths.’ notice 10.75, 5 yrs. 1L75
11.75 5 yrs., 11.25 6 mth.. 11.00 4 mth.
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12.00 5 yrs., 11.75 6 months’ notice
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11.75 5 yrs.rlo.SO 1 mth. int penally

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11.00 2 y, 11.50 3 y, 12.0 4 y, 10.75 Bus.
12-10 (5 yrs.) to 11.50 <6 mths.)

11.75 4 yrs.. 11.75 6 mtit, 11.05 3 mth.

12.00 4 yrs-, 1125 3 yrs., 10.75 1 mth.
10-85-11.00 28 days’ interest penalty,

11.00 instant withdrawal option
10-50-11.75 ail with special options

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11 2 mth. not/28 days’ int pen.

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amt wdxt, 10.75 £500 3 mth. not
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-Rates normally variable in line with changes In ordinary share rates.

‘All these rates are after basic rate tax liability has been settled on behalf of the investor.

lUOUSP

HIS wewthrilleb ^I^M

■tiiiI

Set in tfte fiiture, in a warldwiiere
Bussia is alm ost alXpowerful,
22u? BrinZc Js libJB story of two Brit&sli
secret a gents mftto ‘become convinced
t.-hah someone is robbing the central
computer banks of top secret*

inf o rma tion .

&7J93

MACD03STALD

A T t tr Ta *' rn nfMa.acicmaJri and Coz&paiX?

Blind Understanding
by Stanley Middleton.
Hutchinson, £7.50. 160 pages

Nellie Without Hugo
by Janet Hobhouse. Cape,
£6.95. 192 pages

Yesterday's Streets
by Silvia Tennenbaura.
Gollancz, £8.95. 528 pages

A Woman of Her Times
by G. J. Scrimgeour. Michael
Joseph, £895. 569 pages

Stanley Middleton has been
turning out novels at the rate
of one every 15 months or so
for the past 25 years, steadily
adding to the weight of an
impressive, unvarying achieve-
ment. Bis technique has been
polished, his style made more
functional, transparent and
effective, but essentially the
novels haven’t changed in
manner — or even matter — since
the early days. The social level
is now a little higher, the
sophistication of characters
(and readers, as he seems to
envisage them) rather greater;
but we are still taken into a
provincial English world
observed with a quiet, patient,
unwavering eye which is
neither fond nor cynical, soft,
nor unduly harsh.

It is a world conjured with
total honesty; described with
precision and severe economy.
Increasingly, Middleton pares
down, says less and means
more, implies rather than
describes. His people are
seldom likable, seldom sympa-
thetic 1 . one seldom warms to
them or wishes one knew them.
Mr Middleton is a remarkable
example of the artist who
achieves artistically exhilarat-
ing results with materials
which are morally neutral,
dingy, or even unattractive.

It • follows that people,
subject Plot matter little.
Treatment is all; and the treat-
ment of the characters In
Blind Understanding is
masterly. The action in this
short novel covers a day in the
life of a 70-year-old retired
solicitor; but, like other novels
covering a single day ( Ulysses.
come to that), it involves much
more; evoking the past, moving
sideways and outwards; build-

Janet Hobhouse:
charming and alarming

written pages as if they were
much easier going than they
are. This is a difficult, subtle
book with a fast, funny surface
and a huge degree of promise.
Back to the plodders, and to

grace (an
pair of

ing up a social community and, ' attributes) that one sails
more important, a world of the through some very closeiy-

spirit, a sense of minds, person-
alities.

In the morning the old man
goes to a funeral; in the even-
ing his wife goes out to play
bridge. Death touches each
end of the day; they drink
cocoa and go up to bed. Tbe
rest is reminiscence, a skilful
interweaving of past and
present.' anecdote and feeling,
memory and regret. ■

Here is a world without
fantasy, dour and cheerless by
many people's standards; cer-
tainly charmless; lacking
heights and depths, without
poetry or sweetness or pleni-
tude of feeling or response to
others. But it is a central
world, many people's; gritty
and true.

Janet ■ Hohhouse’s Nellie
Without Hugo, a first novel,
deals in a world far from all
this, one of charm and warmth,
of feeling and analysis, the
likable and the lovely. The
characters are a beautiful.

Europeanised mother, and her
three attractive daughters, in . , .

New York; loving and pleasant everyday time and space, with
to one another, all, in varying ,T “’~ TV ”' '*
degrees, in love or just out of
it. Well-heeled and charming,
they live (in spite of successful
careers: Nellie in the art
world, Rebecca, a lawyer), on
feeling: one married, one not;
one half-in,- half-out of a
marriage, a pointer and warn-
ing to the others; all uneasily
aware that the biological age
for childbearing is now over-
taken much faster than the
socially acceptable age for
marriage, affairs or a successful,
career.

Nellie’s English husband
Hugo goes to Africa for seven
weeks, leaving a vacuum soon
filled by Connaly, Nellie's first
lover, and Nellie works herself
up into a belief that Hugo is
going to leave her (on no
evidence). Connaly disconcert-
ingly. leaves instead; and
Hugo’s telegram arrives to say
he is returning . .' .

It is impossible to describe
the intricacies of the brief
action. What counts, as in
Stanley Middleton — though so
differently — is its treatment. Of
course there is a danger, as in
his charmlessness. in. so much
charm, but
writes with
telligence and
unlikely-yoked

The Dean’s December,
by Saul Bellow. Seeker and
Warburg/AUsoa Press. £7.95.
312 pages

“Although portions of this
novel are derived from re#
events . , says the foreword.
Exactly. The customary rubric
is more than usually definite—
and with reason. like his hero,
Dean Albert Corde, Saul Bellow
is a Professor in Chicago. like
Corde, he is married to a
Romanian scientist,, with whom
he travelled to Bucharest to
visit her sick mother. Like
Corde — if all tire other Bellow
heroes are anything to go by —
he sees the ‘’enemy" as "the
vulgar American' mind," which
he confronts by invoking Vico
and all tbe heady names of
“Western Cty.’’

Is this. Tinea, a roman A clef?
No, not as such. It is merely
Bellow sailing, not for the first
time, a bit near the wind.

Basically, it is The Sim Also
Rises method— taking events and
situations which must be very
real, even painful, and. like an
intellectual Hemingway, using
them without fear or favour.
Difficult this, because, as the
tyro so quickly learns, to trans-
mogrify personal situations
and real events requires not
only a kind of ruthlessness but
also professionalism of tbe
highest order. Story-telling
about Ruritania Is a whole lot
safer.

But that of course — except
perhaps, for Aupie and Henefrr^
son-— is not Bellow’s line. He
is in that honourable but bleak
pantheon of American novelists
who, from Hawthorne on, have
used the novel to debate what
for them are issues of the
highest importance. Over the
years, however, the develop-
ment of Technique has allowed
artists of this kind to incor-
porate that later characteristic
of American fiction: sensuous
immediacy. The sights, the
sounds, the smells of dreary,
bureaucratic, frightening
Romania— and Chicago, too for
that matter— ameliorate Cher
polemical part

The story opens with Irish-
Hugnenot-American Corde In
Bucharest in December, mewed
up in a prototype of all tire
cabbage-smelling, over-furnished
; apartments of Mitt el Europa.

Minna, his wife— still -i
Romanian dtiien— has .brought
him on a danaerous visit la hr,'
terminally ill mother. Valeria,
who is being kept alive in a
Party hospital run by a colonel
of the Secret Police. Then is ?.
sick humour about this sad and
bizarre situation which Britov.'
obviously relishes. Bnl it is, of
course. Corde that ho fa chiefly
Interested in.

Corde bus very much on his
mind the Chicago scene 'from
which he has been plucked. One
of his students has fallen, or
been pushed, to his death
through the window of his own
-third-floor apartment, Confc
has relentlessly pressed for the
conviction of the suspected
murderers: a black gangster and
a black prostitute. What is more,
he has offended liberals and
reactionaries alike by writing
an article for Harper’s about
corruption in bis own city. So
there are three Decembers: the
realistic one in Romania, the
spiritual one In Chicago, and the
metaphorical one in the Dean's
life, Despite the brilliant, if
dispiriting, Bucharest opening,
tbe heart of the novel is in
Chicago. And for Chicago read
“the Western World,’' for this
is Bellow's excursion into
Spcngler territory. If American
democracy means drugs,
rackets, muggings, murders.
Iron Curtain totalitarianism is
hardly paradise on earth.

In Saul Bellow the American
novelist has - come of age,
supplying the national need for
what D. H. Lawrence called
M subtorfuge.’ , yet also provid-
ing - a Dickensian cast of <
characters and =a richness of
writing which is at the same .
time precise. Whereas the open-
ing shacks of Le Carrtf, the end
is pure symbolism. It is pre-
ceded by a fearful blow; Dewey
Spangler, tire prestigious
journalist and a former High
School -friend, has criticised
Corde ’s inordinate distress, “at i
the present socio-political
scene.” 'Corde loses his job. lie .
goes . with Minna to Mount ’
Paternal* and, in the high hush
of the Observatory, has a sense
of. something bright and wri- !
coming out there- Could it to >
that the only relief from the i
stark -alternative* of Bucharest >
and Chicago lies in the pathway I
to the stars? I

Them that hath

BY BARRY RILEY 1

Silvia Tennenbaum’s Yester-
day's Streets. This is a more
impressive novel than her
equally long first one, Rachel.
The Rabbi's Wife. Published so
close in time to Elaine Fein-
stein’s The Survivors, it in-
evitably suffers from
comparison, since it covers
much the same period— this
century, to the post-Holocaust
years — in a similarly rich, non-
orthodox Jewish family. But
where The Survivors made
satisfying patterns out of
apparently random events.
Yesterday’s Streets is merely a
family saga, often. likable and
interesting; but pedestrian.

G. J. Scrimgeour's A Woman
of Her Times, puffed by Carl
Foreman as “one of the great
panoramic novels of the '80s.”
a first novel of almost engaging
awfulness, also uses real, recent
people — Korda, the Oliviers,
other Showbiz figures — in re-
lationships with fictional ones,
giving a peculiar sense of
mixed substances. The woman
of the title moves from
luxurious life in Ceylon around
the time of the First World
War, to England in the Depres-
Janet Hobhouse ,sion, Hollywood in the late '30s,
so much in- and London in the Biitz. Here
is a tale of excruciating silli-
ness, speckled with small mis-
takes of tone and fact in deal-
ing with English life.

Ashe rekindled

BY JOHN BARRETT

Off the Court

by Arthur Asbe, Eyre Methuen.
£6.95. 230 pages

From his unique vantage
point as the only black male
tennis player to have won the
U.S. Qpen and. the Wimbledon
titles, Arthur Ashe views the
world with wisdom and com*
mendable tolerance.

Off the Court, written in col-
laboration with. Neil Aandur, of
the New York Times, is not,
thank goodness, just another
catalogue of match reports and
gossip, thinly disguised as auto-
biography. It is a thoughtful,
sensitive account of a young
man growing up in Richmond,
Virginia, and learning to over-
come daunting social handicaps.
Thanks to dedicated men like
Ron Oharity, his first tennis
teacher, and Dr Robert Johnson,
whose home was a refuge and
classroom for promising young
black tennis players, the youth-
ful Ashe learned to conquer
prejudice and opponents with

equal skill. The patience and
single-minded concentration that
won matches, later- helped to
break down the rigid apartheid
laws in South Africa, where his
third attempt to secure a visa
was successful, in 1973.

The Ashe story reveals cour-
age in plenty; his refusal to be
dismayed at not being allowed
to compete in a tournament at
Byrd Park which was “off
limits ” for blacks; the first
political speech as an army
cadet in 1968, which broke the
rules, and earned a severe
reprimand; the riiock of suffer-
ing a massive heart attack,
which ended an illustrious
career at the age of 37.

He has an easygoing infor-
mality that stamps Ashe as a
potential politician — ■ a voca-
tion he considers, but rejects.

Discussions in South Africa
with Dr Piet Koomhof, and fur-
tive approaches from oppressed
individuals like 3VL N. Father,
Don Mattera, Robert Sobukwe,
and the wife of Nelson Mandela,
obviously move Ajfte deeply. He

constantly walks a tightrope
between sensible protest and a
potentially dangerous associa-
tion with- militants of the far
left, whom he can never satisfy
that he is doing enough for the
cause.

Regrettably, errors in the U.S.

edition, which irritated me when ( _ „

I read it last year, have not ' (-Chough presumably most will
been corrected. There are still

Wealth & Poverty -
by George Gilder. Buchan and
Enright, £8.50. 292 pages

The sheer coldheartedness of
capitalism, as an 'economic
philosophy, has long -given it
an image problem compared
with the socialist alternative. It
is true that capitalism .gave
birth to the rich and dynamic
American economy, while social-
ism produced the creaking and
backward Soviet Union. .But the.
idealistic -young are rarely
attracted to a system of which
even its classical apologist,
Adam Smith, could only say
that . grasping and greedy
capitalists were . somehow re-
deemed tikough the interven-
tion of .an .“ invisible hand"
which caused individual selfish-
ness to work for tbe common
good.

Now, on the crest of the wave
that brought President Reagan
to power, the right wing econ-
omists of the U.S. are hitting
back at all the soft-centred
liberalism which has been
tacked on to capitalism to make
it palatable. George Gilder takes
the ' bull by the horns.
Capitalism, he announces, is ail
about giving: the capitalist is
not driven by greed for money
or power, but by a kind of
altruism. By giving, risking,
and creating he generates the
economic wealth that is shared
by the whole of society — even
the poor.

Unfortunately Mr Gilder fails
to justify this bold beginning.
It soon turns out that his con-
cept of capitalism is narrow, to
say the least. ‘The central
activity of capitalism," he
claims, “is the turbulent pro-
cess of launching new enter-
prises.” But the dominance of
the giant oligopolistic corpora-
tion immediately renders the
argument suspect, even though
it may appear more credible
from Silicon Valley (an ex-
ample on which he draws
heavily) than from un-entre-
preneurial Britain.

How can ' entrepreneurial
renaissance be encouraged? The
familiar supply side formula
involves lower taxes all round,
so that the rich can perform
their necessary function of
staking budding capitalists. The
poor must be deprived of many
of their .welfare benefits so that
they will have the incentive to
claw their way up the ladder

three misspelt names on one line
of page 133, which must be
something of a record; and
Bunny Austin still appears as
" a Wimbledon champion,"
which will embarrass him as
much as his many admirers.
But one can forgive these small
blemishes in a work wbich pro-
vokes thought without preach-
ing, and brings a new perspec-
tive to 'familiar situations.
Arthur Ashe comes through as
an honest, concerned human
being searching for answers to
problems which have baffled
other good men. At least his
heart is in the right place —
and we can thank triple bypass
surgery for that

stay 'poor}'. Advantages of the
rttih, such as superior education,
must remain. "This process
helps the : poor by creating a
distinctive culture of upward
mobility- write* they may
emulate.'' It is not explained,
however, how a society with a
democratic electoral system can
be held, together during. such a
transformation..

This British edition of a book
which is said to have sold over
150,000 copies in hardback in
the UJ5. contains a special chap-
ter of advice to Britain. Mr
Gilder’s credibility is not helped
wrien he gels the year of our
last General Election wrong. On
the other hand, he correctly
identifies a key British problem
as being the siphoning off of a
huge volume of tax-sheWored
savings into entrepreneur-proof
insurance and pension funds.

“ The next goal of policy," he
writes. “ should be to emancipate
these funds for entrepreneurial
use." But with Reaganomics
running into trouble back home,
has advice to run Britain like a
price-cutting business -takes,
some swallowing. Better to cut
prices than raise them, he
suggests, ■ “ even m the face of
computer proofs from financial
officers that disaster will result. “

It looks like the Freddie Laker
approach to economic policy.

Siblings

My Sister and Mj-sclf;

The Diaries of J. R.

Ackerley "

edited by Francis King. Hutchin-
son, £8.95. 216 pages

The Ackerley saga continues.

J- R. Ackerley, the one-time
literary editor of the Listener
and dog-lover, kept a diary from
1948 to 1957.

Readers of that remarkable
memoir My Father and Myself
’.n which Ackerley described
his encounters with guardsmen
pick-ups in Knightsbridgc pubs,
and the total shock of discover-
ing his father had n second
family, may now discover the
nature of his relation with his .
sister, Nancy, a divorcee whom
he supported both emotionally
and finano ! ally, Ackerley be-
queathed the limpidly penned
journal to' Francis King v-’ho
provides a perceptive introduc-
tion to the volume.

ANTHONY CURTIS

•Adam Sc Charles Black 1

lie essential reference bode

Who's Who 1982

is now
available

Financial Times Saturday March 27 1982

13

■» .

*

i ei

HOW TO SPEND IT

by Lucia van der Post

FOR those who tike tfies with a
d-ectrative hand-painted effect
Elan Tiles is a company to
look out for. It is perhaps best-
known for its charming: stylised
floral' designs from Mexico — in
a wkb range of colours and
different designs these do have
an authentic hand-made look
to them and though they tend
to be espensive (from £48 a
square yard) just a few of them
can be combined very effectively
with plait tiles to give a sur-
prisingly decorative effect, as
can be seen from the photograph
above. >

To tie in with these flower-
strewn tiles 1 there is a range of
hand-painted basins which come
in similar colours and have
leaves or ftovers as the basic
motifs. The basins do give a
quite unique took to any cloak-
room or bathftam and seem to
me well worth the £110 it costs
for the small oval or round
version or the £132 you would
pay for the larger ones.

However, EHot Tiles is also

a very good source for those who
want band-made unglazed floor
tiles — these look marvellous in
kitchens or on patios, in con-
servatories or garden rooms.
Because the tiles are all hand-
made neither patterns nor
dimensions are exactly regular
and though this means you will
need extra care in using them
the effect is well worth it
Remember, if the tiles are
for outdoor use, to make sure
they are frost-resistant first
Though it is these hand-made
Mexican dies that I usually
associate with Elan Tiles, it has
greatly expanded its stock and
if you go along to the show-
rooms at 8 Clarendon Cross,
London Wll, you can now see
a selection that includes terra-
cotta floor tiles, sophisticated
designs from France, rustic
ones from Holland and a new
and expensive collection of
tough hand - painted tiles
(strong enough to be used as
kitchen worktops) called Elon
Antigua.

PUTTING any roam together
from scratch is a time** sorbing
business requiring endless
fiddling about with tape-
measures, matching up of
samples of materials, fabrics
and wallpapers, but probably
one of the most difficult rooms
in the house to deal with is
the bathroom. Apart from any-
thing rise, it tends to be small,
so it is vitally important that
eveiy square inch is property
Trimmed and used.

If you can’t face doing all
of that and just want to hand
it over to the experts a useful
company to know about is
Quatiitivrark, of 28, Bolton
Street, London. Wl. It will do
everything from the initial
design work (which is free if
you later buy from the com-
pany) to the final lick of paint.

Qualitiwork feels, like many
before it, that the bathroom has
been left behind in the whole
house development boom and
that the time must be ripe for
introducing more comfort, not
to mention, fun, into the bath-
zoom.

To this end Quaiitiwark wHI
provide both whirlpool systems
(from £500 for the whirlpool
system alone but . those _ whose
tastes run to “ grid-finished ’
systems will have to pay around
£1,200) and. its latest joy, four-
poster baths.

Probably of more interest to
most of us is the range of
nicely-made solid maple fitted

furniture which the. company
will build to bouse the basin
and provide the sort of storage
that most bathrooms need. As
you can see from the photo-
graph the designs are very
pleasing and help to give the
bathroom a warm, far from
clinical, look.

Qtralitrwork also seffls h re-
constituted marble material
called, somewhat importantly.
Imperial Stone, which can be
moulded to form any of
the well-documented bathroom
shapes, from bath to hand-
basin, shower tray to bidet

As an example of prices, a
band-basin set into a marrie
top on a Canadian maple base
would cost about £300. A tadi
cupboard would be about £300.

Examples of the fitted furni-
ture wm be seen in situ (though
not bought) at the Building
Centre, Store Street, London,
WC1. London stockists include
the British Bathroom Centre,
Seven Sisters Road, N15; Max
Fyke Bathroom Shop, Ecdeston
Street, SW1. For details of
your nearest stockist send a sae
to Qualitiwork.

Colour it pastel

IT ISN'T often that the whole mood and
feeling of domes&c interiors changes so
greatly that all those without the ready-made
excuse for starting from scratch that comes
with mooing house, start looking for other
reasons for re-doing their rooms. Certainly
this is one of the years when I long to begin
all ooe^ again — change the brown that I
once thought so sophisticated for soft sherbert
pastels , pet rid of the' clutter and the
pattern on pattern and opt for the clean,
sunny look that seems the hallmark of 1983.

All the newest houses that I’ve been
into, thet houses that I've liked the best, have
abandoned the artfyl rustic look, the tiny
florals, and opted for a much calmer, more
tranquil look. Often this is achieved by
substituting the new painting techniques of
rayrolling, stippling or sponging for the busy
wallpapers we used to like so much. These
techniques can be learned by those who have
a talent for such things or you can try
and interest your local house-pointer in the
craft or, an easy and cheaper alternative,
many of the leading wallpaper companies have
produced ranges of trail paper that imitate
these effects extremely weU.

Osborne & Little has a range of what it
calls Nuagc Papers, which come in lovely
soft colours (I particularly like the pale blue
and the apricot) and look rather Wte smudged
plain surfaces (cm effect almost identical to
that of sponging paint). Then there are
Grained Paper s, which have a similar effect
— they are so subtly patterned as to look
almost plain. At £7.65 a roll (plus VAT) it
could be a quick way of giving a house an
entirely new look.

Tricia Guild, the design force behind
Designers Guild, says that while she isn't

totally abandoning the patterns of previous
years, she is using them rather differently now.
Basically she is trying to get more space and
air into her interiors, aiming for a less
cluttered look and so she has produced a series
of papers and fabrics (called Rags & Tatters
which will be ready around M ay) which,
though subtly patterned, give a rather muted,
plain effect Her Spatter designs, consisting of
minute all-over splashes of colour, are obvious
forerunners of this and have much the same
kind of look.

For those who tike- the new pastel look
there is a growing collection of accessories like
cutlery with pastel-coloured handles (from
Beal’s), ceramics, lights, be dimen all of
which come in mouth-watering ice-cream
colours. Because the colours are often so pale
they can be mixed much more, easily than
stronger shades and Foe seen very pretty-
looking tables laid with china and cutlery
featuring almost all the colours in an Italian
ice-cream sellers repertoire. ’

Some of the best and most reasonably-
priced carpeting Foe seen is* Afia Carpets
collection of patterned Berbers. Do not be
put off by the word ” patterned n —*he pattern
is simply a checked -combination of cream
and any one of 21 colours (including most
of the pastels). At £9.45 a square yard,

13 ft 1 ins wide it is good value. Afia Carpets
is at 60 Baker Street, London W 1.

If you want to get your eye. in to the new
look, Londoners can go along to Harrods '
Central Hall before April 12 where Way In
Lining has got a very lively exhibition entitled
One-Room Living — here you can see all the
current major decorating themes (including
what for lack of a better word I call
„ domesticised High-Tech) deployed in a
stimulating way.

OSBORNE AND LITTLE has
recently enlarged i ts showrooms
at 304, Kings Road, so that it
now has the air of leading into
a large country house. The
downstairs showroom is fuJl of
little ante-rcoms, all miniature
room settings, designed, of
course, to show off the latest
collection of wallpapers and
fabrics, as well as a small col-
lection of furnishing accessories
which it has started selling.

The direction of its designs
has certainly changed in recent
years and though many of the
old favourites are still available
(remember, till those metallic
papers and what an impact they
made all those years ago?) the
new look is in a very quiet and
understated mood. Peter
Osborne is drimite ■ that -

for the" momeniit is 'tthe end
of the mini-print It is a theme
that has been" $xh ausfetl " as far
as we> are concerned.” The
latest designs- are very tranquil
but deal in much large-scale
patterns. Some of the most
dramatic fabrics I've seen are
the American hand-painted Cali-
fornia drop cloths (verv beauti-
ful. tough upholstery fabric but
expensive at £32 a metre).

Osborne and Little is going
for “oblique coordination*’ and
to this end uses large designs
on fabrics with a background
motif which then appears alone
on the paper or complicated

floral fabric with simply striped
paper.

Colours are very subtle and
seem predominantly ivory,
potty, slate and gunmetafl. They
require looking at carefully and
thinking about — the appeal is
not obvious but in the long ran
I think they will last longer and
please more deeply than, the
more accessible designs around-

photographed above is one of
the new designs that caught my
eye in particular. Flame Stitch.
The wallpaper Is £15 (pins
VAT) per roll, the border is
£10 (plus VAT) per roll and
the fabric; £10.50 per metre.-

Photographed above left, is
“Kingston 'Market” just one
design from the Old Paradise
collection of band-printed
period wallpapers. The collec-
tion consists of just six designs,
all dating from 1690 to 1340,
and each is available in the
original .colouring as well as
other alternatives.

Prices 1 are quite high, starting
at £17.75 and going up to £22.75
per roll but the papers are
special and could just make a
certain sort of room or bouse.
For stockists contact Hamilton-
Weston Wallpapers, 10, Lifford
Street, London, SW15.

THE Laura Ashley style is by now very well-
known. There can hardly be a household that
does not have something of Laura Ashley's
somewhere — whether it be a garment, a roll
of .wallpaper or a set of table napkins. Her
great strength as a designer seems to me that
just when one thinks one is getting so tired
of the whole Laura Ashley style that one can
hardly face another room, no matter how pretty,
done in the Laura Ashley way, she gets wise
and produces a whole flush of new designs in
the nick of time.

Certainly her last collection, not now so
very new, was bright, fresh and full of dear
colours, providing a welcome change from the
sludgy blues, greens and rusts that 1 had grown
to dread.

Anybody who likes the Laura Ashley style
(and whatever some may think of it she has
at the very least made wallpapers and fabrics
with a wide appeal and much charm available
at a very low price) will probably like the
Laura Ashley Book of Home Decorating l*

Published this week, it will obviously be

the afidonado’s bible. Page after page of
room-settings, right through from kitchens to
bathrooms, from bedrooms to conservatories,
the book shows you how .to put it together
the Laura Ashley way. Sometimes it is over-
done, and one longs for another note to be
strode, but quite often the effect is one of
great charm.

Certainly for those whose own visual
antennae are best stimulated by seeing what
other people have done, the book provides a
good way of testing out which colours and
patterns work well together, which can be over-
done, which ones are personally pleasing and
which are not to one’s own taste.

There is a very useful practical section at
the back, giving all sorts of Ideas for dressing
windows (shown here are some of the sketches
from this section), for laying carpets, tiling
walls, making yotzr awn stencils, loose-covers,
cushions and other soft furnishings.

A lot of stimulus and a lot of advice for
£7.95.

Published by Octopus Books.

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S MALLB ONE is a small specialist Jdlrhen
company that is growing rapidly bigger on the
wave of nostalgia that has hit the kitchen
market It perceived veiy early on that stream-
lined capsules were not what most people
wanted as the “ heart of the home "—that warm
wood, a bit of decorative appeal and old-
fashioned charm had become in sucb short
supply that anybody providing it would do very
well.

Smallbone has indeed done very well. Tt
has its headquarters at Unit 3, Garden Trading
Estate, Devizes, Wiltshire and showrooms at
The Studio, 72 Gloucester Road, London SW7:
12/13 Waterloo Street, Clifton, Bristol; Knuts-
ford Kitchen Centre, 36 King Street Knulsford,
Cheshire and a new showroom opens next week
at 21 London Road, Tonbridge Wells, Kent

For (his spring Smallbone has divined that
perhaps the real wood, highly decorative
kitchen has been overdone (or at any rate that
it wonld be sensible to offer an alternative to
that look) and it is now supplying kitchens
made from kiln dried pine and finished with
the newly fashionable painted techniques of
dragging, stippling or sponging.

Tbe look is simpler, fresher and newer
than the original period pine look that Small-
bone started with. The kitchen units can, of
course, be painted any colour you like but if
1 were choosing them this spring I would opt
for one of the fresh fondant colours like mint
green, sky blue, sugar pink or sort yellgw,
that arc all about.

Readers who aren't up to date with the
different effects or sponging, stippling or rag-
ging might like to look ont for a book on the
subject that I recommended last year— Paint
Magic by Jocasta I tines illustrates many
examples of these currently revived crafts.

Readers who are interested in the Small-
bone kitchens should note that it is very difficult
to give detailed prices— there are so many
combinations of units and finishes available
hut if 1 give you the price of a standard B6
space unit 600mm wide with a cupboard ar.:l
drawer on top in the three different finish ls
S mallbone offers, this at least gives some sterl-
ing point. The unit In period pine is £239. Ir.
authentic English oak it is £263, and in kiln
dried pine, painted to choice, £217.

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THERE are now four Casa Fina shops in Britain
and all specialise, as yon might expect, in a
look that is distinctly Spanish. Not what you
might cal! hJgh-Spanish but rather a more muted
Spanish look that translates quite well into
English houses.

There are carved wcoden bedheads, a range
of pottery with a distinctly Mediterranean look
to it (sunny combinations of sharp green, pink
and white), lamps and small plezej of (mainly
bedroom) furniture. Now Casa 7;na has jest
introduced a sofa that seems to m? to be cf
the size and shape that many people arc leering
for. It is nicely plain— that is, it makes =o
dramatic statement and wonld fit tranquilly
Into many a home, see it photographed above.

There is a two-seater version (which in fact
seats three people), a three-sealer version
(whieh will seat four) and an armebair. All can
be covered in a choice of IS suggested fabrics

— these range from a collection of plain colours
in the new mated pastels, including dusky pink,
beige and natural, as well small checks and
bold patterns— -but customers can also have it
covered in any fabric of their own choice.

The framework is of wood and the seat
and cushions are filled with Dacron and Judging
by the samnle currently in Casa Fina’s Covent
Garden window it will take endless wear and
tear from tired customers and yet still spring
tee'.-, ici 3 shape. For cleaning everything zip?;
cn and off— Including the armrests and the bad;
Gcu^rrtirg cushions.

The price of the sofa Is about £425 for the
tv/e-Gcaler, £544 for the three-seater and £297
fer the armchair, though the price varies
slightly depending upon the fabric chosen.

Casa Fina branches are at 9 The Market,
Coved Garden, London WC2, then there is
one in Leamington Spa, one In Bath and another
in Tunbridge Wells.

ANYBODY who has ever had
a particular colour shade or a
particular type of pattern in
mind will know how difficult
it is to track down exactly the
right tile for the job. Not
everybody knows that there are
companies that will make tiles
to almost any pattern or colour
and though the service isn’t
cheap it isn’t perhaps as expen-

sive as one might expect

Rye Tiles, which has a show-
room at 12 Connaught Street,
London Wl, designs and makes
tiles of its own design (those
of Tarquin Cole who, together
with his wife Bidaie, owns and
runs the company). The look
is very English but covers a
wide spectrum from geometries
to soft pretty flowery designs,
from bold strong- shades to
prstels. Two of the current
range are illustrated here.

Rye Tiles does a great deal
of work for interior designers
and the retail trade but any-
body who wants a special
design or colour can order it
through the Connaught Street
showroom. All 55 of the current
designs are available in more
than 100 colours and if they
haven't got the exact colour
they will try and provide it.

Tiles cast -from about £20.70

a square yard in a single colour
screen print and go on up to
£100 per square yard for hand-
painted ones.

There is also a range of other
ceramic items like lamp baser,
soap dishes, beakers and other
bathroom accessories, all of
which can be made in a tiny
speckled design which Rye
Tiles calls “Bodiam.”

COLUNGWOOD

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Return of the double feature

THOSE OF YOU who pine for
the lost and legends? days of
the cinema double-feature may
now recreate that era in your
very own living-room: -aM thanks
to tiie wonder of videotape.

Kingston Video have
assembled in £bear catalogue a
truly marvellous fine-up of
Holywood golden-oldies, which
tbey package for you in two-
somes — both on toe same tape
—so that at a single sitting you
may watch Stagecoach and Dead-
line at Dawn, or Easy Living
and Carefree (Astaire and
Rogers- in top fbot-feafle), or
Mitcham and Kkk Douglas in
Out of the Past and Richard
Dix malarkying in a chain-gang
in Hell’s Highway. The cost of
each double-bid is £39.95-

Most of toe Kingston Video
pairings are judiciously made
up so toot they contain one
main feature quasi-classic and
one ffip-side Bfeaiure of lesser
but quirky merit. Stagecoach's
partner, for example, Deadline
at Dawn, is a fetching film noir
thriller with urban wanderlust
in which Susan Hayward and
Patti Lukas zig-zag across
shadow-washed New York at
night seeking -the murderer of a
lady blackmailer. “ Statistics
show that every person has Ms
problems” burbles Lukas as a
mtte-l-Europe an cabbie. And he
speaks toe truth. If you try to
foDonv the plot too closely, yon
get ft migraine. But Hayward'
growling out early star quality
(1946) is a treat, and Clifford

Odets wrote toe screenplay
which ensures a heady sprinkl-
ing of street-wise poetry.

Indeed film noir — those dark,
tormented Hollywood thrillers
of the 1940s that glissaded
through rain-slick streets with
bars of shadow and stabs of
neon — is the chief stock-in-
trade of Kingston Video. Basg
Living, directed by ■ now-
maestro Jacques Tourneur,
tosses Victor Mature - and
Lucille Ball in the- moody tale
of an aging footballer on the
professional and emotional
skids. And Out of the Past,
also by Tourneur, is probably
the kingpin of all film noir.
Robert Mitcham and Kirk
Douglas fight over the same
woman — sultry Jane Greer —

and stumble, over the same
bodies in a spiralling suspense
mystery of typically tangled
motivation. So fulsomely does
Tourneur ladle out the shadows,
like a waiter generous to a
fault with gravy, that it’s 1 a
wonder in some scenes that
either man can pick his way
through 'the corpses and tbe
femmes .fatales.

And this ’brings us to the fly-
in-th e-ointment in Kingston
Video.

The film titles on offer are
marvellous, the copies are less
so. Comparing them with other
video-issued black-and-white
films of - similar vintage (or
even earlier — vide EMTs Dr
Mabuse and King Kong), Tm
dismayed by poor definition,
frequent blips and scratches,
and smeary vision whenever
the camera or the characters
move too fast.

In fUm noir thesb are no

small deficiencies, since even
when prints are pristine, visi-
bility is not exactly the genre's
prime asset. Watching a poor
copy is like walking douu a
New York street on a S??j-
night during an elec a'Joai

VIDEO REVBEIV

-NIGEL ANDREWS

strike with only .a box cf
matches for guidance.

Stagecoach — anything but a
film noir — should be easier on
the eye. But in the Kingston
Video version it isn’t. John
Wayne, crooked grin, gravel
drawl and hip^way walk, is
attacked by. the small-pox of
grainy reproduction, and direc-
tor John Ford’s magnificent
Monument Valley -landscapes —

where nature-made cathedrals
psp an from piazzas of sane) —
seem oli too often swirled
ccr-j53 by nebulae of urban
grime.

Kingston Video boast a list of
iUms-on-offer that few viewers
will want to resist dipping into:
Siege Struck, Tiie Big Shy, Ber-
lin Express. The Fugitive
( Ford’s -version of Graham
Greene's The Pozrer and the
Giory). V, 7 agonmcsicr. Isle of the
Deed. The Outlaw (Jane Russell
and appendages), Mr Blmulings
Builds His Dream House and
many more. But it shouldn’t be
necessary to pay for the plea-
sure of seeing these films with
ocular agony as well as with
£40-o dd per twosome. Great
ideas, room for improvement In
execution.

There's plenty of evidence
elsewhere in the home-viewing
landscape that ghoddy reproduc-
tion need not be the rule in
transferring vintage films to

video-cassette.

Dr ila bzute The Gambler
dates from 1922 and the first and
finer King Kong from 1933. Ye
both shine out as if new in
ElII’s video versions. Dr
Mabuse is Frit: Lang’s “ mad
mastermind *’ classic in which
Rudolph Klein-Rogge dons ■?
plurality of disguises in order tv*
take over Germany. Hints ei
Hitler may be noted. Long's
angular geometry and ominoi;:;
staging — eerie fades, underli:
.close-ups, sudden jump-cuts —
are expertly re-minted here for
the small screen.

The same goes for Kong, the
lovelorn gorilla, swayed by r.
passion that dared to grunt its
name. Thrill to the flickering
matt of hair, the rueful question-
ing eye, the burly forearm that
swats or caresses. And b?
heart-pierced by the thousand
screams of Fay Wray. There
.hasn't been a better monster
film in 50 years.

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14

financial Tim^s Saturday March 27 19S2

.- »

!

ARTS

Happy anniversary

BY B. A. YOUNG

Radio 3 goes after anmvers- they still used as beasts of
mes as a mouse goes after burden?” In a nearby village,
oieese. Joyce is just over, but everyone was watching Thai
Lassus still continues, and boxing on television. Now we
Schnabel, and this week sees are leaving Chiang Mai. “ On the
the beginning of Goethe. It isn’t left hand side is a beautiful golf
the centenary of Goethe’s birth, course,”
or nis death; it’s the 150th an- Further north there was a

niversary of his death, and
is being magnificently
celebrated by (among other
things) both parts of his Fmtsfc
(I need hardly say that the
translation, by Louis MacNeice
and E. L. Stahl, was commis-
sioned in 1949 to celebrate the
two-hundredth anniversary of
his birth.)

Part One was broadcast on
Sunday, and very tine it was;
but I am not going to write

young man who had been in the
fighting, but the young man had
nothing to say about it There
was an elephant camp. “These
elephants are enormous beasts.”
In the Mesai Valley holiday
resort there was a " rich diet of
Thai culture”

But for Heaven's sake, what
is Thai culture? What education
do they have? How much
religious observance is there?
Is there compulsory 1 service in

about it now, except to say that' the Army? Are there any

the playing by Simon Callow as
Faust, Ronald Pickup at Mephis-
topheles and Angharad Rees as
Gretchen was every bit as good

libraries? Are there Christian
missions and do they conflict
with the Buddhists? What kind
of vegetation is there besides

as this great play deserves, jice and the European flowers

Next week I will write about

both parts together, which,
though they have no continuing
connection, seems to me a more
sensible way to cover them.

Part Two will be broadcast on
Radio 3 tomorrow.

Radio 4 has a new series go-
ing on Saturday nights called

Something to Declare. In the

first two programmes, Bernard
Jackson told of his visit to
Thailand, first to Bangkok, then
northwards towards the golden
triangle ” where the opium
poppies bloom. (As this year is

in the holiday resort? What are
the rules of Thai boxing? I want
to know so much, and Mr Jack-
son only told me what he could
get from the guidebooks and his
escort and looking out of his
car. At Chiang Mai they walked
up hundreds of steps to a
temple. “What are we looking
at? Ah. it’s the airport.” This
isn’t the way to travel. Not if
you want to talk about it after-
wards, anyway.

We had a fair sample of
English culture in Thursday's

SWisry S* smrssz . “.EjKSi

dependence of Thailand, Mr
Jackson must have known he
was on to a good thing.)

But oh dear, how could any-
one go to such interesting places
and make so little of them?
“What did I know?” Mr Jack-
son asked us. “ To be honest, not
a lot” So he gave us some infor-
mation from .the reference
books. He said that there was
“beautiful girls with almond-
shaped eyes.” He told us that
Bangkok was sinking, like
Venice (though they tell me
Venice has stopped); and that
tiie people liked eating outside
after dark — like, he might have
added. Venice.

Bait then, the following
Saturday, northwards towards
the golden triangle, where there
was said to be fighting actually
going on. He took a domestic
flight as far as Chiang Mai and
described the landscape from
the air. They grow rice around
here rather than poppies. In the
market, “We’re looking at some
rather sleepy, what are thrfr?
buffaloes?” Yes, they were
buffaloes; krckily he wps
escorted by a Thai student who
had seen buffaloes before. “Are

Tiro Stops on the Piccadilly by
Peter Sun plan. There are two
stops on the Victoria Line
between Spurs and Arsenal.
One afternoon 16-year-old Dave
didn’t get to either station,
because someone who didn't
like the colour of his scarf stuck
a bottle in his face and he lost '
an eye. His father (played by
William Marlowe with bags of
hate) decided that if the police
couldn't find out who did it, he
would find out himself. What
happened was that as he was
driving his car through the
crowd he annoyed the yobs,
they attacked him, he drove at
them and killed one.

It was weH done (Peter King,
director), and it would be nice
to say that anyone who had
heard it would take good care
not to go to a football match
again. Could that be so? We
read about that sort of thing in
the papers every Monday and it
happens 'again on Saturday.
Street violence is an accepted
part of our life, and we write
about it as we write about love
or adventure. And what, I
wonder, will the football mobs
do when all the dubs are broke?

In the
Image
of Man

BY WILLIAM PACKER

For a nation that is so often
brutishiy indifferent to the
integrity of its own History,
Art and Culture, we are being
dreadfully and most gratifyingly
spoilt The manifold compliment
we have lately been paid by the
generous assumption of our
interest in other and so very
different historic Cultures
should indeed shame us into
t aking , a hard and careful look
at ourselves, and how we have
come to be just what we are.
The Great Japan Exhibition
gave us a picture of a closed
Society presented through the
Art that it produced, brought
all together as a coherent
whole; and now, hard on its
heels, comes the Festival of
India with one of -its principal
celebrations, filling the Hay-
ward Gallery (until June 13)
with a wonderfully dense
exhibition.

“In The Image of Man” covers
two millenia rather than two
centuries, and yet has a nar-
rower scope, for it concentrates
its attention almost entirely
upon the arts of painting and,
most especially, sculpture. That
narrowness, however, is indeed
only apparent, for through all
those centuries those arts have
supplied the visible embodi-
ment of the philosophical and
religious truths around which
Indian life and thought are
centred: they embrace as they
represent the social whole. As
the Festival goes on, so other
exhibitions and events will show
how this essential unity extends
through all the applied and per-
forming arts.

The exhibition is arranged
not chronologically but
thematically, treating what its
sub-tide calls the Indian
perception of the Universe in
its many aspects, general and
particular. in a natural
sequence from the myths of the
Creation, signified by the
primaeval Egg. through the
Cycle of the Ages, to the sleep
of Vishnu in the coils of the
serpent Shesha. Demonstrated
to us are Man’s relation to the
Natural World and to the
Cosmos, his four Coals in Life
and his practice of Devotion;
and Life goes on, incarnation
succeeding incarnation, and
through it all we see its
Abundance, and the essential

Padmapani Avalokitesirvara, a future Bfnkfla in the exhibition

harmony of the Senses. If the
Art, as with the Thought, is
transcendental in its' intentions,
it is so not by denial and
suppression, but by under-
standing, expression and release
of Man’s physical nature. The
liveliness and open sensuality
of Indian art throughout its
period speak for the possibility
of such a resolution.

All is stated through the
agency of myth and symbol,
which our over-literal and
secular western cast of mind
rather too easily mistakes as
superstition. A truth need be
no less a truth, no less pro-
found,. for being reshaped by
the creative imagination, and
we have suffered perhaps no
greater loss in ourselves since
the Reformation, by our
persistent enlightened sceptic-
ism and incredulity, than that
of our capacity for imaginative
belief. The artist, like the poet
was once a kind of pri es t and
it is salutary, in our secular

and disjointed age, to be made
to see again, if at a certain
cultural remove, the strength
of his achievement and some-
thing of his creative scope.

The works themselves are
astonishing, so many of them
ravisbingly beautiful, as much
masterpieces of technique and
control as of creative invention.
The rhythm of the sacred dance
informs every figure, whilst the
infinite variability of the human
frame supplies every formal
possibility. Sculpture, that we
might hare expected to be alien
in spirit and inaccessible, wrapt
as it is in humane if godly
preoccupation, touches us with
the surprising directness of
common experience. Even
Shiva, whether with his consort
swaying with such elegant
simplicity to an eternal, silent
music, or again in his aspect as
Nataraja Lord of the Dance,
miraculously poised, many-
handed aod richly significant in
his circle of fire, steps towards
ns across the gulf of time and
culture. We glimpse the human-
spirit dancing in the temple.

Jin Li

BY DAVID MURRAY

Yehudi Menuhin conducted
the London Symphony in its
Barbican home on Thursday,
with a guest soloist for Beet-
hoven's Violin Concerto — the
13-year-old Jin Li. Menuhin met
him two years ago in China,
and brought him back to his
Surrey music school The senior
violinist must have a special
sympathy with prodigies, and
as prodigies go Jin Li is par-
ticularly sympathetic; he stands
out not for precocious flash
and sizzle, but- for single-
minded musicianship and effort-
less command of his instru-
ment

In the concerto Menuhin
often- held the orchestra down
to favour his soloist, who was
wise enough not to force his
sound beyond what is natural,
for his present physique. Not
much was made of orchestral
detail, in fact, though Menuhin

secured a long, singing line ui
most of (he music. With the
foreground thus cleared for
him, Jin LI gave an innocent,
temperate account of his part
that drone with sincerity. His
tone is even, sweet and
penetrating, hardly - strained
even by the taxing cadenzas—
which he despatched with the
same unblinking assurance as
the rest His phrasing was
modelled with beautiful consis-
tency, though unemphatie:
there were a few moments
when quiet passage-work
sounded like pretty exercises,
but the sense of purposeful
direction soon reasserted itself.
In its own terms the reading
was excellently of a piece, and
all generated by what the
young artist found in Beet
hoven— no suspicion of apeing
any tricks of more seasoned in-
terpreters, just an honest de-
monstration of colossal promise.

British String Quartets

BY ANDREW CLEMENTS

The third instalment of the
Park Lane Group’s series in the
Waterloo Room on Thursday
took on a more conservative
turn than ever. The performers
were the DebnS Quartet, and
until the last item on the pro-
gramme their attention never
seemed, to be angaged fully on
their task; the playing was
always accurate and energetic,
but until Robert Simpson’s
seventh quartet, quite lacking
in enthusiasm.

Simpson’s work is one of his
most immediate and most
powerful. It follows a series of
three quartets in which he took
Beethoven’s Rasumovskys as
models and, apparently revel-
ling in the freedom to create its
own structure, is a mightily sus-
tained and cogent utterance,
founded on a firm tonal plan
around the tonality D. A slow
opening deploying a handful of
thematic elements leads to a
ferocious central scherzo and
climax; before the return of the
slow music, its material trans-
formed by the experience,
brings a quiet close. Such a
devastatingly simple plan packs
a considerable punch, and its
rather raw quality is underlined
by Simpson's scoring, which
deliberately lacks sophistication
and uses the string quartet
almost from first principles.

Daniel Jones’s Quartet of
1980 had begun the programme
unremarkaWy: well made and
cleanly proportioned it lacked
any memorability or distinct
character. Alan Rawsthome’s
spare Heme and Variations
from his first quartet made ail

the right gestures and left no
impression other than gentility,
while Frank Bridge’s second
quartet was the evening’s
major disappointment, hardly
the important transitional work
between "early” end “iate r
phases we might have expected,
nor the finest product of his
initial style. Its prolixity
seemed not a patch on, say.
the Dance Poem which had
preceded it A dispiriting even
mg, Simpson apart; one hopes
that the final concert next
Tuesday can redeem matters.

Armand Hammer
Collection to
- , visit China

The Armand Hammer Collec-
tion, Five Centuries of Master-
pieces, will travel to Beijing.
People's Republic of China. It
will be exhibited in the China
Art Gallery from March 26
until May 10.

This exhibition will be the
first chance for a Chinese
audience to view master paint-
ings and drawings by Western
artists such as Rubens, Rem-
brandt Van Gogh, Monet
Degas, Renoir and others— all
well represented in the Ham-
mer Collection.

Sponsors of the presentation
arc the Chinese Artists Asso-
ciation and the China Art
Gallery. Major funding for the
exhibition is provided by Occi-
dental Petroleum Corporation
through the Armand w»mw»gr
Foundation. -

Wizard

ofOz

This is the show of the 1939
MGM film, embarking on a
nationwide tour at the Wimble
don Theatre after its Christmas
season premtere at the Hexagon,
Reading. The Wimbledon venue
is a huge cavern of a place, but
seemed less so on Wednesday
afternoon at a matinee packed
with schoolchildren.

There was no disguising. how-
ever, the paltry thinness of the
performance. From the moment
Janet Leigh-Collins as Dorothy
delivers “Over the Rainbow” in
a flattened-out even rhythm.
Paul Ciani’s production is
doomed on a plane of dossed
narrative snd mundane achieve-
ment As Dorothy makes her
way to Or. she meets the Scare-
crow, the Tin Alan and tVu!
Cowardly Lion. Each nev
friend Is given deliriously
pointed lyrics by Yip Harbuig;
only John Conroy as Scarecrtw
makes anything of thfiu
Christopher Quintcn fmd
Charlie Drake pack all. 'the
verve and punch of lobotoijlsed
sleepwalkers.

The film is memorably not
only for its special effevjft* and
performances of Judy Garland,
Bert La hr and Ray Bolster, hut
also for its strange, unworldly
sense of terror. 1 have fo admit
that my four-yea roid si riveted
In Wimbledon from /start to
finish. But I wondej r to what
extent he was re-living the film
through a aeries jof staged
aide-memoires. Ho c/rtainiy u-as
unequivocal in his qfa oyment of
the Munchkins, thofgh, and was
less restless than If through the
long dialogue patches of the
second act. Tire G Godchild':,
sets are colourfulhnd inventive.

Charlie Draktp Lion lazily
falls back on theJbctor's tremolo
falsetto and tre small band
under Michael Stanley is simi
lariy deficient
ness or attack./

Conroy, there;
buttons from
the good Box
and Meg Jc
of the West.]

1CHAEL COVENEY

Tissotlrecord

An auction record price of
£81.000 fo/ a work by the Vic-
torian artist Tissot was. paid at i
Christie's/yesterday. It was for
his "The/bunch of lilies." which
last sol* at Christie’s for 48 ;
guinea SjWxHrght by Agnew*s In |
1895. /unong the Continental |
paintings, in a sale which
tatatied £634,446. "A view nf ,
the beach at Noordwyk” by
M^^Idebenaann went for ■

t .

-4

either sharp-
Apart from Mr
game contri-
ithea As key as
of the North
in as the Witch

.*

V

s

si

o.

F.T. CROSSWORD PUZZLE No. 4,833

A prize of £10 will be given to each of the senders of the first
three jconect solutions opened. Solutions must be received by
next Thursday, marked Crossword in the top left-hand corner of
the envelope, and addressed to the Financial Times. 10, Cannon
Street, London, EC4P 4BY. Winners and solution will be given
next Saturday.

Name

Address

ACROSS

1 P-pdpe? (5-7)

10 Heavily-billed transport for
Drake (7)

U Harvester’s failure (7)

13 Rent increased in Yorkshire
town (5)

13 Some French scrap of paper
sent (8)

15 “Puffer”— name artist used
(5-5)

16 Subsidiaries of Nicholas
Nickelby, Esquire (4)

18 Shingled opening in copy of
church recess (4)

20 He works for a tanner, sell-
ing land in Cumbria? (10>

23 Spring game, as per a golf
round (44)

24 Former penny floater for
money-order (5)

26 Well-meaning bloody rela-
tives! (7)

27 Inter-bank runner for
Orion Co. Inc. (7)

25 His adventure stories make
jockey hollow-eyed (5, 7)

DOWN

2 Cuts in energy twice bring
blackout (7)

3 e.g„ “jug" (8) .

4 This means of flying is a
triumph over gravity (4)

5 NB Eric Idle can be very
good (10)

6 Boy Scouts make bad time

on the way back (5)

7 Identifying with work of
others they map out (7)

8 Showing the proper spirit in
games, we all admire . . .
(13)

9 . . . making a score, or in
that style (13)

14 One keeps a lot that is non-
durable (10)

,17 Producing rough notes— hag-
piping? (8)

19 Cause of works stoppage and
wrench (7)

21 Such groomed beauty makes
larum go off (7)

23 As Wedgwood made them —
Inspired (5)

25 Planned go at encircling
Julius Caesar (4)

Solution to Puzzle No. 44)32

B3DSHHESH BQQEQ
□ □ Q □ P 0 0 E
SSQEJB QQQQnaQiasi

tin di cafes programme
in black and white

BBC 1

6.25-8.55 am Open University
(Ultra High Frequency only).
94)5 The Do-It-Yourself Film
Animation Show. 9 JO Swap Shop.
12.12 pm Weather.

12.15 Grandstand, including 12.45
News Summary; FootbalL
Focus (12.00); Racing
(12.50) Julian. Wilson looks
at the life of an apprentice
jockey; Racing from New-
bury (120, 1.50, 2.55); The
University Boat Race (1.40,
2.10) Oxford v Cambridge
for the Ladbroke Trophy:
Badminton (3.15) The John
Player All England Cham-
pionships from Wembley
Arena; 3.45 Half-rime Foot-
ball Scores; Rugby League
(3.55) The State Express
Challenge Cup, First Semi-
final: Castleford v Hull; 4,35
Final Score.

5.10 The All New Pink Panther
Show.

5.30 News.

5.40 South-West (Plymouth):
Spotlight Sport — AH
other English regions:
Sport/Regional News.

5.45 Kittle of the Bands.

6-30 Jim’ll Fix It.

7.05 Kenn Dodd’s Showbiz.

7.40 The Saturday Fibn:
’’ Escape from Zahrain.”
starring Yul Bryrmer, Sal
Mineo and James Mason.

9.10 Dallas.

10.00 News and Sport.

10.15 Match of the Day.

11.15 Michael Parkinson in con-
versation with his week-
end guests.

Regional variations: CYMRtf/
WALES — 5.40-5.45 pm Sports
News Wales.

J5COTLAND — 9.0 5-9 JO am Mag
Is Mog (Gaelic children’s pro-
gramme ). 5.40-5.45 Scoreboard.
10.15-11.15 Sportscene. 12.15 am
News and Weather for Scotland.

NORTHERN IRELAND— 12.15-
5.00 pm Grandstand: details as
BBC 1 except: 3504.30 Motor
Racing from Klrkistown, County
Down. 5.00-5.10 Scoreboard, 5.40-
5.45 Northern Ireland News.
1245 am Northern Ireland News
Headlines and Weather.

BBC 2

6.25-3.10 pm Open University.
f3J.5 Saturday Cinema: “The
Sea Hawk,” starring Flora
Robson, Errol Flynn and
Claude Rains.

5.15 A Birthday Tribute to
Dame Flora Robson.

6 J .0 There Ought to be
Clowns.

6.45 Did You See . . . ?

7.25 News and Sport.

7.40 “ The Chess Players " (a
Hindi film with English
subtitles).

9-35 The Hothouse by Harold
Pinter.

1120 News on Z.

LL35 Badminton: The John
Player All England Cham-
pionships.

f 12.0 5-1.25 am Midnight Movie:
“ Poison Pen,” starring
Flora Robson, Robert
Newton and Ann Todd.
BBC 2 Scotland only: 3-1CMU0
pm Conference S2: coverage of
this afternoon's session of the
annual' conference of the Scot-
tish -Liberal Party in St
Andrews.

LONDON

&35 am Sesame Street 9.35
Space 1999. 10.30 Tiswas.

12.15 pm World of Sport: 1220.
On the Ball; 12.45 Squash;
The Patrick International
Festival from Chichester;
1.15 News; L20 The 1TV Six
from Hexham, and Don-
caster; 3.10 Speedway from
Ipswich Stadium; 3.45 Half-
time Soccer News and Re-
ports; 4.00 Wrestling; 4.50
Results.

5415 News.

5.15 Happy Days, starring
Henry Winkler.

5.45 Dick Turpin, starring
Richard O'Sullivan.

6.15 Mind Your ' Language,
starring Barry Evans.

6.45 3-2-1, presented by Ted
Rogers.

7-45 Hart to Hart starring 1
Robert Wagner and
Stefaaiie Powers with Ray
Midland.

8.45 News and Sport

9.00 “Soft Beds, Hard Battles,”
starring Peter Sellers.

10.45 OTT.

11.45 London News Headlines,
followed by Johnny Car-
son's Tonight Show.

12-25 am Close: Sit Up and
Listen with Roy Plomley.
All IB A. Regions as London
except at the following times:

CHANNEL

5.15 pm Hem's Boomer. 5.40 Puffin's
PU(i)ce. 7.45 The Fan Guy. It. 45
Video Sounds (Doxy's Midnight
Runners).

GRAMPIAN

3-00 am Sesame Street. 10.00 Joe
90. 5-16 pm Mr Merlin. 7.45 Magnum.
11.45 Reflections. 11.50 Dofly st a rring
DoHy Perron, who introduces guest
stsrs Marilyn McCoo and Bitty Davis
Jnr.

GRANADA

3-2Q am Spidarman. 9.40 Thunder-
birds. 5.15 pm Bugs Bunny. 5.20
Chips. 7.45 Magnum. 11-45 Mannix.
12-40 am The Living Legends of tfia
Blues (Muddy Waters).

HTV

1.05 Early Music Forum (S).

The Poovy of Margaret Cropper. 8.40
Concern Pan 2: Mendelssohn, . Gneg
(S). 9.20 Goethe and she Foreigner

11.15 A Walton Nocturne ($),

RADIO 4

6-25 am Shipping Forecast,

News. 6.32 Farming Today.

Vours Faithfully. 6.55 Weather, Travel
programme news. 7.00 News.
Today's Papers. 7.15 On Your Farm

8.15 am The Adventure a of Black Y ° u « L***

lautv son TffunrTnrfiirHa i»n 9« n - 7.55 Won trior, travel, prograi

HTV Cymru/ Wales — A* HTV West
except: 9.1 5-9. 40 am Razzmatazz. 6.16-
545 pm SiAn A SiSn.

SCOTTISH

9.15 am Vicky -the Viking. 940
Th underbirds. 6.15, pm Mr Merlin.
1145 Late CaR. 11.50 That’s Holly-
wood.

TSW

News. 9.05 Breakaway. 9.50 Ni
Stand. 10.05 The Week in Westminster

Money Box. 12JI7 I'm Sorry,

23S Medicine Now. 3X6 Wildlife.

n r _ J --zr— inn onrm cjomarur igi, 1.10

Ji IS 01 ?; Feedback. 430 Does He Take Sugar?

' 5 00 Whet Are We Doing to the

J*h Blto,, 9 e - 12.12 pm Children? 6.25 Week Ending fS).
T5W Regional News. MB Hires 5.60 Shipping Forecast. 5J5 Weather.

Boomer. 5.40 Newsport. 745 The Fa#
Guy. 11.45 Video Sounds (Doxy's
Midnight gunners). 72.10 am Post-
script. 12.15 South Wen Weather.

TVS

travel, progrfammo news. 6.00 News,
including Sports Round-up. 6.15 Desert
Island Discs: Castaway Sir WiWam
Walton (S).

Robe

Robert Robertson

Dozen fS)- 9-30 Saturday-Night Thnarre.
94)0 am Saturday Brief. 9.05 Sesame 9J58 Weather. 10.00 News. 10.15

urday

7JS Baker's

Street. 10.00 Sport Billy. 5.16 pm TVS
News. 5-20 Mr Marlin. 745 Magnum.
11.45 Barney Mrfler. 12.15 am Company.

TYNE TEES

9.00 am Thunderbirds Are Go.
12.13 pm North East News. 5.15 North
East News. 5.17 Mr Merlin. 745

Something to Declare. 11.00 lighten
Our Darkness (S). 11.16 A Word

in Edgeways. 1145 The Plant Hunter.
12.00 News.

BBC RADIO LONDON

5.00 am As Radio 2. 733. Good

“5— ■ VS

minster at Work. 9.00 News, travel.
9.03 On the Rales. 9.30 Openings.
10.02 All That Jaz z._ _ 11.30 The

Epilogue.

ULSTER

1040 am Stingray. 1.18 pm Lunch-
time News. 5.00 Sports Resurte, 5.13

Ulster News. 5.15 Mr Merlin. 745 u _

Magnum. 8.59 Ulster Weather 104S *■** QuMl -

The Monta Carlo Show (Rod McEwerr). 6,00 Bni Jo * 11 2.

1145 News at Bedtime.

Robbie Vincent Show. 2.02 pm Break-
through. 330 The Great Composers.
- - - - - 6 . 00 -

ANGLIA

9.00 am Sesame Street. 10.00 Sport
Billy. 5,15 pm Mr KbrHn. 7.45 Mag-
num. 1145 Barney Miliar, ills am
At the End of the Day.

BORDER

935 am Space 1999. 5.15 pm Mr
Merlin. 745 Magnum,

CENTRAL

9.05 am Paint Along with Nancy.
9.30 Sesame Street. 5. is pm Mr
Merlin. 7.45 Magnum. 1145 Songs on
Tour: Janie fen.

YORKSHIRE

9.00 am The Saturday Morning Pic-
ture Show: "The Muster of BaNan-
trae," starring Errol. Rypn. 5.1B pm
Mr Martin. 7.45 Magnum. 11-45 That's
Hollywood.

RADIO 1

(S) Stereophonic broadcast

SOLUTION AND WINNERS
OF PUZZLE NO. *M527

Dr A. B. Semple, The
Donners, 6 St Jofanswood
Terrace, West Park Road,
Dundee DD2 1NTL

Mrs M. Smith, 39 Station
Road, Thtxrney, Peterborough.
PE6 OQE.

Mr P. J. R. Wright. 16
Princess Grove, Wistsstofl,
Crewe, Cheshire CW2 8HR.

BGJSi
□ 0
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m a.

□i

am
00011
an

SB!

□
m
□
q
□

BROADCASTING
LONDON

7.00 am AM wrth Jaitny Lacey end
Magnus Carter. 10.00 Jellybone wttfi
Tommy Boyd. 12.00 LBC Reports with
Des Fatiy. 1JOO pm Sportswatch with
Dominic AHan. G.CO LBC Reports with

^ 0M 7.00 Gent Mela (programme

5.00 am As Radio 2. 7.00 Wako Up for Asian hatonere). 8.00 Network:
to the Weekend with Adrian John. Wyn Thomas of Swansea Sound in

8.00 Tony Blackburn'a Saturday Show, conversation with Pam Ayrte and Dr

10.00 Paul Burnett. 1.00 pm Adrian Magnus Pyke tries Ig discover what

Juste (S). ZOO A King nr New York Information Technology ‘ reeHy means.
(SI- 2.05 Paul Gsmbaccinl (S)» 4.00 9.00 LBC Special: ' Children <n Cera.'
Walters' WwWy (S). 5.00 Rock On 10-00 NtgtitNno.. 1.00 am Nigtir Extra,
(SI. 6.30-7.30 In Cancan (S). 4.00 Hayea on 5unday. 4.30 Decision

Makers. 5.00 Morning Music.

RADIO 2 _ . Bl _ . _

5.00 am Pater Marsha* with The CAPITAL RADIO
Smurday Earfy Shew (S). 8.03 Racing 7.00 cm Graham Dane's Breakfast
Buhetin. 9.05 David Jacob- (S) W.00 Show. 10.00 Pick of the %£? ??£
Peter Davison and -Cbftatopher Ttmothy Two. 12J» Peter Young. a,oo nm
with their Star Choice of records fS). Duncan Johnson’s Afternoon Daliohr
11.02 Sport. Desk 1IA Goribp 5.00 Greg fidwenf.'^ sSPbbKC
«, nnyl . 71,8 ° ock » and S 0 !®* 1 ?* 8 00 Box Saturday Night, s.oo
f®)- „1-°° Pm The Nawa Hudtfhnee. Richard Ofgance and Folk Friends,
po Snort on Z i Tha University Boat 1040 Roots Rockers whh David RodU
Race: commanrary on the wtirte event; gag. 12.00 Midmohi Special.

Racing from Doncaster et 3-00 wrfllam

HiF Lincoln Handicap; Footbelft second-

half commentary on e tap league game, ■

nows uf others. 6.00 Country Greets CHESS SOLUTIONS

m. Concert. » 740 Beat the Record. - n .

7.30 Big Bend Special with The Radio Solution to Position No. 116
Big Bend (S). 8.00 Saturday Night Is I . . . B-R6: 2 RxO (if 2 R.TM
Gale Night (S). 10.00 Nortring 81 (S). 0 r 9 P-N3 OR-Rn ^

11.02 Sporu Deck. 11.10 Pwe Murray's \> ■

Late Show (S). 2.00-5.00 am You and “ K-Kl. R-N8 ch; 4 KxR, R-Nl
the Night and the Murtc fS). ch; 5 K-Rl, B-N7 ch; draws by

DJtmn -a perpetual check.

£ M Solution to Problem No. 416

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PENELOPE KEITH. ANTHONY QUAYLE.
, TREVOR PEACOCK in HOBSON’S
. CHOICE. A comedy by Harold Brsohnicc.
Directed by Ronald Erre. Rumme In
reoertetre with A Coat of Vamiih.

HER MAJESTY'S. 930 6606 -7. CC 933
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7.30. Sat mat 3.0. FRANK FINLAY In
AMADEUS bV PETER SHAFFER. DtrKlCd
by PETER HALL.

LONDON PALLADIUM. 01-437 7373.
MICHAEL CRAWFORD In the Broadway
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SHAW'S. ARMS AMD THE MAN.

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tONTIHUED ON NEXT MCI

Financial Times Saturday March 27 19S2

15

COLLECTING

Putting your shirt
on the sheikh

BY JANET MARSH

IF RUDOLPH VALENTINO had
lived, he would have been 87
ne::t birthday, a venerable
Italian gentleman, certainly
bald, probably stout and most
likely ail but forgotten. As it
■ was. he died young and at the
peak of his career; -and to this
day he remains the quintessen-
tial image of exotic romance.

For the American woman of
the 1920s be was something still
more potent A% Life wrote, a
quarter of a century after his
demise, he was “the symbol of
everything wild and wonderful
and illicit in nature.” Before
Valentino the American male —
the movie archetype was Doug-
las Fairbanks — was aggressively
virile. physically energetic,
emotionally adolescent. Valen-
tino was exotic, erotic, pas-
sionate. sensitive, pliant He
wore silks and flowing robes,
slicked his hair, used perfume,
let his lips tremble and his eye-
lids droop in unabashed intima-
tion of intended seduction.
Short-si ghtcdnesc gave a special
mystery to the melancholy eyes
which acquired a unique
luminosity under the studio
lights. He danced exquisitely.

American men tended to be
as resentful as their womenfolk
were adoring. Towards "the end
of his life. Valentino — who from
every account was in private
life a charming, gentle, unas-
suming man — was troubled by
the tendency of newspaper
moralists to attribute a general
decline in American manhood
wholly to his personal influence.
"What has become of the old
caveman line? Do women at
heart belong to the Wilsonian
era of * I Didn’t Raise My Boy
to 3e a Soldier?' ” grouched the
Chicago Tribune in its attack
uDon him. The hypersensitive
star countered by giving wide
publicity to his prowess as a
sportsman and pugilist.

Valentino had arrived in the
United States in 1913 as an
lS-year-old immigrant Rodolfo
Alonzo Raffaele Pierre Filibert
Gulielrai di Valentina d’Acton-
guolia, after failing the course
at the Venice Military Academy.

He picked up a living as a

he began to get a little work
gardener, waiter, taxi-dancer
and exhibition dance partner
before he began to get a little
work as an extra in films. His
big chance came when the
writer June Mathis persuaded
Metro to star him in The Four
Horsemen of the /; •acalypse.

His career as a star lasted
only five years, during which he
made a mere dozen films—
several of them flops. That brief
period, culminating in The
Sheikh, was enough, however, to
enshrine him as the screen's
immortal romantic idol.

The corporeal Valentino was
not immortal. In 1926. at only
31 years old, he died of compli-
cations following an operation
for a burst stomach ulcer. It
was the signal for the most
elaborate display of mourning
ever staged. Hundreds were
crushed and injured in the mobs
that thronged the streets
around the funeral parlour
where he lay in state. Movie
stars swooned dramatically at
the bier. Around the world there
was a spate of suicides among
young women.

A cult was launched that has
dwindled but never wholly
died. Valentino fan clubs still
function in many countries. A
memorial service is still held
in Hollywood each year on the
anniversary of his death,
though attendances arc not
what they were: and the
celehrated. unidentified, veiled
“ Lady in Black ” long ago
ceased her ceremonial visits to
the mausoleum.

That special fetishism which
attaches to souvenirs and
memorabilia of film stars
reached a peak of intensity with
Valentino. The first chance for
Valentino collectors came a
few months after his death,
when his estate was sold up to
pay his debts in December
1926. The auction room was
crowded with sight-seers and
bargain hunters; but sad to say
the collections of antiques,
armour, jewellery, paintings
and books which Valentino had

bought faith more discrimina-
tion than most Hollywood
collectors of the day > were
mostly undervalued. Even the
Avion Voison phaeton auto-
mobile which had cost him
S 14.000 in 1925 land which is
still running today) made only
$2,300.

No doubt the fetish-hunters
would have been more en-
thusiastic about the 60 lots of
wearing apparel listed in the
luxuriously produced catalogue
of the sale'. Discreetly, however,
the star's executors withdrew
these on the day of the auction.
They included 30 business suits,
111 assarted ties. 124 assorted
shirts, a ba tiling suit, a pair
of trunks, 17 pairs of white
silk drawers, si:; pairs of garters
with tassels, and 59 pairs of
assorted, shoos.

Now, half a century on, one
or two of the same items — most
evocatively a shirt worn by
Valentino ’in Son of the Sheikh
— featured in a sale of Valen-
tino memorabilia at Christie's
South Kensington. Times have
changed: there is not quite the
same glamour as at that auction
of 1926; the Valentino items
figure in a more general sale
of opera, cinema and stage
costumes on April 20; and will
probably be upstaged on this
occasion by such items as a fur-
trimmed gown worn by a later

fand equally ambivalent) sex
symbol, Marlene Dietrich,
apparently In Alfred Hitch-
cock's British -made Stage
Fright.

This particular Valentino
collection has a touching three-
generation history, to remind
us how long ago it is since
Rudy's star was in its full
ascendant The collection was
formed by Maria Carrmna
Elliott who founded something
she called “ The Rudolph
Valentino Collection.” She
bequeathed it to the Countess
Patrizia Giri de Tera Malta
(nee Laura Salernri: the Italian
connection with Valentino has
always remained strong), who
in her turn bequeathed it to
the unnamed lady who is now
selling it.

As well as the Son of the
Sheikh shirt, and- quantities of
photographs, cuttings, books,
and the like, there is a mask
worn in The Eagle and Valen-
tino's personal dressing case.
The case is accompanied by a
letter from Valentino to the
maker. Alfred Clark of Conduit
Street, asking him to renovate
it and promising io collect it
on his forthcoming trip to
London in December. 1926. The
letter was written in July of
that year: a. month later' the
star was dead and had passed
into legend.

Roses , Lenten roses,

GARDENING

ARTHUR HELLYER

THE LENTEN ROSES are nvw
at the height of their flower
display and it is a good moment
to take stock of them and of
their relations in the hellebore
family. As a popular name
Lenten rose really belongs to
a single species, Hellebores
orientals, in all its many subtle
colour var: ons but in gardens
it does duty for other species
such as Ii. abchasicus, often
listed as H. colcht'cus. and H.
antiquorum as well as hybrids
between them. Since all per-
form a similar decorative role
in the garden and have identical
requirements there Is no need
to be pernickety in distinguish-
ing between them and Lenten
rose does very well to cover
the lot.

The most surprising thing is
that, though the Lenten roses

have a wide range of colour
variations from pure white,
through whites variously
speckled with purple to what
a friend expressively calls
pigeon pinks and then on
through muted purples to deep
maroon, few have been given
distinguishing names. Bressing-
ham Nurseries have four: an
early flowering maroon named
Heartsease, a redder shade
called Maroon, a pure white
listed as such, and a pink
named Water Cheer, and that
about suras it up. I suppose
the explanation is that Lenten
roses multiply so readily by
seed, often self-sown, and the
seedlings give such an excel-
lent variation that it is much
cheaper to increase them in this
way than to undertake the slow
process of multiplying selected
varieties by division.

If one includes the deep
maroon species Hellebores
atrorubens, which starts to
flower in January before its
leaves appear. Lenten roses can
be in bloom for five months
from then until May and even

after that the faded flowers are
not displeasing. With hand-
some, many-fiugered leaves,
evergreen in some kinds and
a readiness to thrive in shady
places and it is small wonder
that these are plants gaining
rapidly ir. garden favour.

Even better for foliage than
any of the Lenten roses is the
Corsican hellebore. Hellebores
corsicns, an all-green giant a
good 2 ft high when doing well,
with three parted, saw-edged
leaves so firm in texture that
they always hold themselves
proudly to the sky. This is, in
fact one of the few hellebores
that actually prefers sunshine
to shade though it will grew
in both.

It reproduces itself by self-
sown seed even more freely
than thet Lenten roses and its
apple green flower heads can
be decorative from January to
June.

By comparison the Christmas
,rose, Helleborus viger . is a
lowly and often rather mopey
plant seldom flowering at
Christmas, as its name suggests
it should, but very lovely when

its upward-facing white flowers
are produced as freely as they
can be in favourable conditions.
I suspect that this species needs
lime more acutely than any of
the others, which is probably
why I could grow it when I
gardened on limestone but fapve
difficulty in keeping it alive
now that my soil is moderately
acid. The Christmas rose has
been crossed with H. corstcus
to produce a hybrid named H.
nigrienrs which is much more
like the Corsican parent but
bushier and more wide spread
ing.

There is not such a thing as
a brash hellebore, but the
quietest beauty of the lot is the
unfortunately named Hello
bnrus foetidus. This plant does
not stink, as its name implies
and it has the darkest of dark
green leaves cut into narrow
deeply saw-edged segments
These form the background for
large clusters of small bell-
shaped flowers, each bloom
apple green with a reddish
bronze rim. This is a rather
scarce native plant well worth
a place in the garden.

SPORT

RICHARD GREEN

Daily 10.00-6.00
Saturday 10-12J0 lli 'Pi

4 New Bond Sireet
London WTY9PE
01-499 5487/4995553
Telex; 25796 GREEN G

Exhibition of

FRENCH

PAINTINGS

30 March to 30 April 1982

Fully Illustrated catalogue £5.00 including postage

THEATRES

{ADLER'S WELLS THEATRE ECt . 837

167Z-1673-3E&6 Crodi: cards TO am to
G pm 278 0871-rrr 7 SQL. Cm sales
379 6 C& 1 . 24 nr l nil a nil » can firmed

res 2C0 0200.

BALLET RAMBERT. Lost Pert Ton t
7J0 pm MIGHT MUSIC/BERLIN

THE GYPSY PRINCESS . — - Viennese
Operetta. March 31 to April 17. E«?s
7.30 Mata lat special prices except April
31 Aon I 3. 8 . 10. 15. 17 at 2.10 pm.
Spring Opera 8 t _ Dance Subscription
Season. To! Dl-278 OS 5 5 tor brochure
ana time day or mgnL
AMPLE FREE PARKING alter 6.30 pm.

SHAFTESBURY. S CC Shaftesbury Awe.
WC 2 . Tel Bor OBire 838 6596. 2 nd
Year Neil Simon's Hit MuSriQil. Welcome
hack tor a season tom CONTI with
SHEILA BRAND. THEY'RE PLAYING
OUR SONG. OAPs £4 rwco mat ortyi.
Students £4. Ergs 3.0. Mat Wed 3-
Sats 5 a 2 . 10 . Credit card bogs 930
0731 f* lines;- 9.00-700. Sals 9.00-
A.30. Red group bVfls 01-839 3092.

SHAW THEATRE. 388 139a. Company of
Three productions OTHELLO. Evenings
T pm. Matinees 2 bm.

ST. MARTIN'S. CC 836 1443. Ergs CU30-
Tues, 2-45. SatS 5.0 A 8 . 0 . Good Frl
8.00- Aeatha Christie's THE MOUSE-
TRAP. World's lonDBt-erer run. 3001
Year.

STRAND. CC B3§ 2660-4143. RALPH
RICHARDSON. CELIA JOHNSON In
THE UNDERSTANDING, a new play by
ANGELA HUTH. Red price prevs from
Aor 20 . Own* Apr 27 at 7 pm. E*eS

Mon-5*: B pm. Mats Thurs A Sat 3 pm.

Group sales Bex Office 379 GQ&l.

STRAND THEATRE. CC 01-63G 2660.

01-836 4143. NYREE DAWN PORTER.
ROY DOTRICE in MURDER IN MIND.
A thriller br Terrnrc F«ly. Ewes Mon-
Fri 8.0. Sat 5.0 and 8 . 0 . Mats Thur 3.

TALK OF THE TOWN. CC 01-734 SOSI.

For reservations or on entry. London's

Greatest High! out from 8 pm. s hoars

Of TOP EntertalmnenL THE TALK OF THE

TOWN GALA GALAXY REVUE 19.301.

with a cast of 35. PETER GORDENO
Ml pm). Dinner, Dancing. 3 bands.

VAUDEVILLE. CC PI-836 9988. Em 8 .
Wed mat 2.4 5. Sits S A 8 . Good Frt
3 pm. CORDON JACKSON in AGATHA
CHRISTIE'S CAROS ON THE TABLE.

VICTORIA PALACE THEATRE. Standing
room oil 'parts lor om hundred at £23X1
avail on dav of part. Evgs 7-30.
Mats Wed A Sal at 2.30. Now csrtended
to July 3. ELIZABETH TAYLOR In THE
LITTLE FOXES br LILLIAN HELLMAN.
Book now. Tel DI-634 1317-3. 01-323
473S-G. Credit cards accepted. Grouo
sales 379 6061.

FINANCIAL TIMES

PUBLISHED IN LONDON & FRANKFURT

Mead Offico: The Ffamckf Times United, Bmdfcsn Hone, 10 Cmm Stmt. Leaden CMP 4 BY.
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Chichester’s revolutionary squash court

Murder in the squash court

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Jonah Barrington’s latest
book on squash has an apt title:
“ Murder in the Squash Court —
the oniy way to win.” Those ten,
words say all there is to say
about Barrington’s relationship
with the game of squash. He
is obsessed by it In the late
sixties, he drove himself, via a
punishing physical fitness rout-
ine, to six British Open cham-
pionships. He, more than any-
one else, has popularised a
game which today is the fastest
growing sport in Britaifl, with
some 2$m participants.

Now Barrington has a new
goal. He wants to bring the
spectators in. Above afi, he
wants to turn squash into a tele-
vision sport. He knows all the
objections — the game is too fast;
you cannot see the ball on tele-
vision; the rallies are too long.
“ We’re going to put the mock-
ers on the doubting Thomases.
It may take 12 month s. but
well do it."

If you are one of the doubting
Thomases, then tune into World
of Sport today. You will see
two classic but sharply
contrasting examples of murder
in the squash court You will
see 35-year-old Geoff Hunt
king of the men's game for most
of the last ten years, now sadly
yielding to his age. In Toronto
recently, he surrendered his
world champion's crown to an
18-year old, Jahangir Khan of
Pakistan. In Chichester on Wed-
nesday of this week, plagued
by a back injury, outplayed,
outthought and outrun, he came
close to losing his pride.

On television this afternoon,
you will see Hunt wilting under
Khan’s pressure, until he faces
match point at 9-2, 9-2, 8-0 in
the final game — what would
have been a crushing and com-
prehensive defeat Then you
will see him lift his game in
one last spasm of resistance.
For 15 minutes he gets hack
at Kahn, and forces him into a
string of errors. But the effort
is too much. Khan is ready for
the Mil, and in the last point
of the game, leaves an ex-
hausted and beaten Hunt
stranded on the T.

But don’t miss the Women’s
Final at 12.45. It goes to five
sets, and 9-7 in the final set

girls, Britain’s 18-year-old Lisa with spectators surrounding the

Opie and Australia’s vastly more
experienced Vicki Cardwell,
close to exhaustion, the referee
adds to the drama with a suc-
cession of dreadful decisions.
After nearly an hour and a half
on court, the audience of 1,200
at the Chichester Festival
Theatre are on the edge of their
seats.

Twelve hundred people? The
Chichester Festival Theatre?
Yes. You will be seeing some-
thing much more than two out-
standing games of squash. The
Patrick International Champion-
ships at Chichester were
played in a new, experimental
plastic court. It works on the
same principle as those car
windows that you can see out
of but not into. When all the
bugs have been Ironed out of
it, spectators fand TV cameras)

will be able to watch squash balance is so perfect, their anti-

The changing face of sport: Financial Times writers report

Golf and
the march
of time

BY BEN WRIGHT

AS THE dust literally settled
at the Tournament PI ay era*

Club near Jacksonville, Florida,
and the cries of anguish from
its many tortured victims died
away on the brisk March breeze,
it is inarguable that the Tourna-
ment Players' Championship
was a gigantic success. The con-
cept of “stadium golf” that
enable tens of thousands of
spectators to gain uninterrupted
views of all 18 holes from vast,
artificially created grass mounds
drew the biggest crowds ever
seen in the area for a golf
tournament.

They were amply rewarded
by Jerry Pate’s grandstand fin-
ish of two brilliant birdies at
the last two boles to snatch
victory and the $90,000 first
prize by two strokes from Scott
Simpson and little known Brad
Bryant, with Pate's crestfallen
broth er-in-lay Bruce Lietzke a
further shot back In fourth
place. Poor Leitzke. tied for the
lead with Bryant overnight, still
led by one shot from Pate and
Bryant with five holes to play.

But he could not match Pate's
magnificent birdie at the tor-
tuous 438 yards 14th hole, and
cut his second shot into the lake
at the short but dangerous par
five 16th of 497 yards, the best
birdie opportunity in the last
six holes, to take a sorry six.

Pate fashioned his birdie at
rhe island 17th of 132 yards,
where the green, shored up by
railway sleepers, is almost sur-
rounded by water, with an eight
iron shot and 15 foot putt. At
the 440 yards 18th, with water
all the way down the left, Pate’s
drive was perfect His 175 yards
second shot with a five iron,
uncannily reminiscent of the
stroke he played to win the
U.S. Open in Atlanta in 1976
to within a yard -of the hole,
stopped a similar distance away.

Although Simpson birdied all
of the last three holes and
Bryant the 16th. Pate had made
only one mistake aH day in a
superb round of five under par
67 when he dropped his only
stroke to par at the fifth hole.

He really outclassed his rivals.

As thoughts naturally turn to
the forthcoming Masters tourna-
ment at Augusta, Georgia (April
8-11) controversy continues to
rage over the Pete Dye-designed
Tournament Players' Club. In
my judgment it is a definite
work of genius, but in all truth
it is a trifle too relentlessly
severe. It demands pinpoint
accuracy oF every shot at every
hole. But the undulations of
the greens are sometimes so
fierce that even a well-nigh per-
fect shot is ruthlessly punished.

In incorporating ail the facets
of the terrain into every hole,
notably tall pines and palms,
vast "waste'’ bunkers where the
bare earth and sand is left un-
lended, grass and sa.nd pot
bunkers galore, huge sand
bunkers, semi-tropical shrubs
and clump grasses, and the ever-
present water hazards. Dye has
restricted grass maintenance to
a minimum — only about 40
acres.

Form is much easier to assess
at the Masters. At Augusta
National there is ample room
for error on the very wide fair-
ways, there is little rough, but
only by placing the drive cor-
rectly can the pins really be
attacked. And the bent grass
greens, introduced last year,
should be lightening fast.

So we are looking for the
longest, straightest drivers who
move the ball from right to
left, the best putters, and above
all golfers of proven courage
and character. Pate obviously
comes into that category, and
there are signs that at last he
is approaching maturity. Hale
Irwin, brilliant winner at
Inverrary on the eve of the TPC.
flattered only to deceive in the
latter. Having shared the lead
at halfway he fell away with
rounds of 75 and 77. and still
finished only 10 shots behind
Pate. He is a man for the big
occasion, and cannot be let off
my short list of six against the
field.

Ray Floyd, the 1976 cham-
pion. shows encouraging signs
of coming to hand at the right
time alter a slow start- Craig
“ The Walrus ” St&dler gets
better and bolter despite his
self-destructively violent tem-
per. Andy Bean, winner of the
recent Donal Open, is a long
hitting giant back to his best
after nearly a year's absence
through injury; strong, straight
and marvellously deft around
the greens.

So who shall be the sixth
man? I have a hunch that Tom
Weiskopf. four times a runner-
up at Augusta, couid win the
green jacket he covets so
assiduously — at last. But this
one is a choice from the heart
—definitely not the head. If
I was to seriously nominate a
dark horse it would be Curtis
Strange.

court, where in his new roie
as squash's principal television
commentator, he v/ill be able to
give vent to his full range or
gladiatorial metaphors.

What is not. yel clear is
whether it will over work os
well on television.

Television’s biggest problem
— particularly if squash is ever
to capture the interest of what
Barrington calls the. “Fred and
Frieda audience” and follow
snooker and darts into our
living rooms — is the nature of
championship squash. It is not
the game that 2£m of us play —
at least not the men's game.

. Khan and Hunt arc so good
and so fit— Khan trains for
seven hours a day, including a
minimum, of three hours an
court — that there is no such
Uiing as a winning shot. Tht>~

from any angle. The audience
will see in, buf the players wfll
not see out.

It is this breakthrough that is
so exciting Jonah Barrington.

If it can be made to work,
squash can take off in two sep-
arate directions. First, it con
become a mass spectator sport
— the 1,200 mostly young (aver-
age age about 30), mostly male
(about 6:1 ratio) audience
which gathered round
Chichester’s apron stage this
week represented the largest
indoor audience ever to watch
a game of squash.

For this writer, it was an ex-
hilarating experience. I am a
twice a week squash player who
uses the game in a futile
attempt to defer the advance of “any
middle age. X had never seen eight,
championship squash live be-
fore.'

Squash ■ in the Chichester
festival theatre did work. It
worked from the back; and even
though the plastic side walls
were rather opaque, it worked
from the side as well, where
you get a far better impression
of the speed of the ball and
of the movement of the players
than from behind. .

And it worked as theatre.

Jonah Barrington talks about
“ the bear pit atmosphere "
created by Chichester.

He is already dreaming of a
championship at Bi rmingham 's

cipation so sharp, that they
reach every ball, without ever
seeming to break into a run. Ho
ball is unplayable.

So the game derelops into
what Barrington calls “formal
patterns” — long rallies, many
of over two minutes, where the
hey to the play is building cm a
perfect length to the back of
the court. Each player waits
for the other' to crack
The girls' game, by contrast,
is quite different. Precisely
because Lisa Opie has about a
yard less speed than Jahangir
Khan, she can and does pitey
winners. She varies her play.
She plays the drop shot to the
front of the court, and if the
shot is perfect enough, as it was
times on Wednesday
Vicki Cardwell cannot
reach it “I'm enjoying this
game far more,” said my neigh-
bour when the two girls reached
two all, and the theatre was
buzzing in anticipation of the
rihn a x “I can relate it to the
game I play every week.”

Barrington understands all
this. But neither he nor anyone
else is quite sure what it wiH
mean in television terms.
“Squash is a game of very overt
aggression. WiH women enjoy
seeing other women acting in
that way?”

Published by Stanley Paul,
£5.95. .

In the last game, with both National Exhibition Centre,

David Palmer

That dark blue feeling

ALTHOUGH OXFORD go to
the stake-boats this afternoon
(2.30) determined to clinch
their seventh successive victory,
there is every sign that this
year's University Boat Race
from Putney to Mortlake will be
much less of a precession than
in the recent past If Oxford
can pull off another won, it wiH
be their best performance since
1890-1898. when Oxford won.
nine races in a row. although
Cambridge won 13 in a row in
the lnter-war years.

But Cambridge are tough,
and equally determined to end
Oxford’s run. The defeats that

practice this week. .Wkh men well before the race is
Oxford’s substantial advantage over. The old adage that the
of about half a stone a man ovei: race is won or lost by Ham-
Camb ridge, they are better mersmUh Bridge is not always
placed to navigate any- rough true, but it has happened
water likely to be encountered -often enough in the past for it
on the Tideway, whie it wrE to require nothing short of a

also give than an edge over
their opponents if tiris week’s
calm conditions prevaiL
Oxford is also better placed
with four . Old Blues in the
boat, to Cambridge’s one. They
include the indomintable Sue
Brown as cox, who has demon-
strated admirably in the past.

calamity— such as an oarsman
. collapsing or catching a crab,
or the boat sinking in really
rough water (all of which
have happened) — for the crew
leading by a comfortable margin
at Hammersmith to be over-
taken and beaten. Win the toss,
choose the correct station.

both on the Tideway and else- according to the wind, and get
where, that she can cope with away fast is fhe advice usually

the Cambridge University whatever weather, water and offered by Old Tideway Hands,

the opposition can throw at ajad it remains true every time.

her.. .... It is the dieer unpredfeta-

Tt is not always, however, m ^ cs f 1 ^ e Boat Bace

the better and fitter crew that

Women's eight and the Men’s
Lightweights inflicted on their
Oxford counterparts at Henley
last week-end have given the
Light Blues some heart for the
major task today.

In the past two weeks' train-
ing on the Tideway, blessed
whih some of the finest weather

wins the Boat Race. A great
deal of tactical skill and even
a little- luck, are essential to
cope with the vagaries of wind
and stream on the day — skill fn

such, an attractive sporting
event In a race so deeply
influenced by weather and
water conditions, nobody ever
knows just what the situation
will be until the very moment

and calmest conditions seen at detecting and using any subtle the 0811 change .

■ — * from minute to minute over the

nearly 4* miles of the course
to Mortlake. Crews, too, can
make silly mistakes, such as
rowing, too far downstream
before the race, shipping too
much water and tiring them-
selves before the start— all of

this time for years, both crews
have settled down well. In the
past week particularly, in near-
perfect conditions, both have set
some impressive performances.
A new practice record from
Hammersmith to the University
Stone by Cambridge of 6

shifts in the current, and luck
in winning the toss for the
choice o f station to get what
shelter one can from the wind.
Boat Races are rarely rowed
on calm, fine days— although
that may be possible this year
— and on such occasions fitness.

minutes 53 on Tuesday evening courage and stamina usually ^L a, ®^?^ peile J ia *be

wag beaten by Oxford with 6
minutes 46 seconds on Wednes-
day evening. Oxford are much
less ragged than they ware, and
both crews have been perfect-
ing their stake-boat starts in

win. . Past. But whatever happens

But more often the- weather wins, it will

is bad. and the combination of ^ .r] e sporting

■wind and rough water, coupled ^ country this

with nervous tension, can ^ ;

exhaust even the fittest oars- Mlchaef Donne

SPORTS DIARY

RACISfl: The Lincolnshire

Handicap, Doncaster today.
ROWING: The Boat Race, Put-
ney to Mon lake, today.
Gymnastics: Daily Mirror Cham-
pionships. April 3.

SQUASH: British Open, Brom-
ley, Kent . March 29 to April 8.
RACKETS: Celstion Open

Doubles, The Queen's Club,
March 29 to April 7.
SWIMMING: Coco Cola

National Short Course Cham-
pionship, April 1-4.

RACING

DOMINIC WIGAN

UNLESS Clive Brittain and
several noted work watchers
were well wide of the mark in
their calculations. Win art will
be extremely hard to beat in to-
day's Lincoln.

each way bet at odds of around
8 — I as does the longer-priced
King’s Glory.

The pair, who represent my
two against the field, are-drawn
next to each, other at .23 -and 22
respectively in a 26-runner 'field.

Judged oh their best form of
1981 the Epsom-trained King's
Glory will have a few pounds
in hand. However, against that
there is the point that the New-
market. foor-yeaitold proved -by
far the more reliable of the two:
finishing in the frame on all his
seven appearances. King's

Win art, for whom a high draw

will probably be no handicap in _

today’s William HiU-eponsored Glory, In contrast failed fo reach
race now that the course has the first three in six - attempts
dried oat, looks a. reasonable before recording a 25—1 success

in the Tia Maria Autumn Han-
dicap at Newmarket In October.

There is likely to be little in
itat the fini sh with so many
strongly fancied by their con-
nections, but Ring’s Glory at
12 — 1 seems to be the race's
best win-and-place value.

DONCASTER

2J5 — Airspto
- 2.55 — King’s Glory***

. '• &25 — Bundle of Kisses
3,55 — Sayyaf

' 4J25 — Rlldair e

NEWBURY
V. 2M»-Sab Rosa**

• 3 . 05 — Carved Opal

135— Hin Green*

Is’ .

•I *«’•

■a

- j 1

. 7:

*?■

ft.

J \

j

- BHttgftJttmame value-*?

. s ,3 .

•V* Cr*i.

16

Financial Times Saturday March 27 19S2

n m

4

!

j

«■ !

BRACKEN >iOUSE,:CANNON STREET, LONDON EC4P4HY
Telegrams; Finantimo, London PS^Tefex; 8954871
Telephone: 01-2488000 '

Saturday March 27 1982

Voting for
balance

MR ROY JENKINS* win in Hill-
head is not only a crucial
matter for the centre-party
Alliance; it says something
important about the electorate.
Mr Jenkins, after all, is the one
opposition ex-Chancellor whom
Mrs Thatcher admires, because
he balanced the Budget That
act of austerity was blamed by
Labour for the loss of the 1970
general election.

In 1982 Labour has lost again,
running against Mr Jenkins.
Fiscal austerity clearly makes
sense to a majority of voters in
Billhead and indeed in the
country; Mr Jenkins and Mrs
Thatcher between them have a
strong majority.

When this kind of thing can
happen at the bottom of a re-
cession, in an area suffering
particularly heavily from high
unemployment and university

cuts, the m eaning becomes
clearer. The “new realism''
which the Government claims to
see in recent wage settlements
' dees seem to be something more
than the fear of the sack. The
dash-for-growth school of the
Labour Party, the TUC, and an
apparently dwindling band of
wet-looking Conservatives is left
talking to itself.

Worried

The political debate will
shift to priorities within a fairly
tight generally accepted, con-
straint Mr Jenkins would can-
cel Trident and probably spend
a good deal more on invest-
ment: some Tories, such as Mr
Heseltine with his new indexed-
financed inner-city schemes,
would probably agres. Neither
side of this argument though,
would go for heavy deficit fin-
ancing: Mr Jenkins seems to re-,
present fiscal rectitude with a
human, claret-drinking face.

The markets therefore took
an not-unexpected Tory setback
very calmly. They are much
more worried, as is the Bank
of England, by events in the
one country which is still appar-
ently trying to live by the old
expansionist rules— the TJ.S.

Estimates of the UJ3. federal
deficit are still rising daily, and
the markets are worried about
yet higher real interest rates.
Sterling, sustained until very
recently by sales of commer-
cially-held dollars to pay U.S.
tax, has begun to look a little
shaky again, and upset the
chartists of Chicago.

and market reasons.

Politically it seems unlikely
that either the President or Mr
Paul Volcker will prove as
immovable as their recent state-
ments might suggest Both are
in different ways increasingly
isolated.

The President has lost his
hold on public esteem, and thus
his power to appeal over the
head of Congress; compromise
seems inevitable, and Mr
Reagan is simply trying to limit
what most seem to him the
damage to his programme.

Brinkmanship

Mr Volcker retains general
confidence, but the financial
system over which he presides
does not The threat of financial
failures is even more powerful
than the threat of slump in
producing cash injections from
central bankers.

Like the President Mr
Volcker and the Fed are
engaged in a kind of brinkman-
ship. Within limits, the growing
awareness of financial risk
which is already apparent
among U.S. investors is very
helpful; it will restrain unwise
lending without any push from
the Fed. Caution is desirable;
panic is not

The coming clash, then,
between an uncontrollable
deficit and an immovable Fed
does not seem likely to live
up to its advance billing. That
may be one reason why the
markets have been sullen rather
than panicky in recent weeks:
but there are others just as
important They are' reasons
connected with Opec financial
flows, and with the general
history of market swings.

Unlikely

If our own tentative recovery
is really going to he blighted
in this way, then despair might
drive the public back to the
old remedies of economic isola-
tionism and fiscal push. Presi-
dent Reagan could prove the
last realistic hope of the Labour
Party. That is the nightmare;
but- calm analysis suggests that
it may be little more than a
nightmare, for both political

Fundamentals

Estimates of the Opec balance
of payments surplus seem to
fall just as fast as estimates
of the U.S. deficit rise; and the
decision a week ago to cut
production substantially has
reduced them further. The sur-
plus for tee group as a whole
may now turn out at $30bn or
less, despite huge investment
income. Only two years ago
the surplus was more than
double the size of the U.S. fed-
eral deficit; it is now less than
a quarter. That is why it takes
2n ever-bigger interest rate
differential to attract the
external flows the U.S. needs.

In any case, no currency can
be boosted indefinitely through
deficit, as UK experience in
1980 and 1981 showed. Investors
can be attracted in the short
term by high returns, but as
time passes they look at the
fundamentals — and the funda-
mental American problem, an
effort to finance a potentially
infiationaiy armaments drive on
borrowed money, is forbidding.
In the end the markets, like
the electors of Hillhead, are
likely to vote for balance.

POLITICS TODAY

a real three-horse race

A FTER the by-election In
Hillhead, British politics
has became a real three-
horse race Mr Roy Jenkins is
hack in Parliament and will
almost certainly became leader
of the Social Democratic Party,
and then of the SDP-Iiberai

Affiance.

In a way, that is what we all
expected to happen, ft just
seemed like a long time coming
—a year to the day since the
SDP was founded. But it is first
worth noting the element of
chance.

Glasgow Hillhead was an odd
constituency in which to play
out the future — if it is the
future — of British politics. It
has an electorate of less than
40,000, against a national aver-
age of around 65,000. Because
it is in Scotland, it has an extra
dimension in the form of the
Scottish National Party. It was
always possible that the SNP
would take a decisive part of
the protest vote that in
England would have gone to
the Alliance.

If Mr Jenkins had lost, he
could have had plenty of
excuses — not only the nation-
alist factor, but also the truth
that in the bottom of the
constituency there is still a
solid working class Labour
Party vote.

It was conceivable, too. that
the vote might have split pretty
evenly four ways: say around
25 per cent each for the Tories,
Labour, Scot Nats and the
Alliance. What would have been
tiie judgment then about the
working of the British electoral
system and its insistence that
the candidate with the most
votes in a single ballot is the
outright winner?

One is left with the impres-
sion that the Hillhead by-
election was rather like
American Presidential pri-
maries in New Hampshire. It
is a small, not terribly
representative state, but it
happens to vote first and it can
do a lot to make or break a
candidate’s chances. The degree
of risk is high and the system
less than. uerfecL
Still, Mr Jenkins took the
risk and won, and it would be
churlish not to congratulate
him. If he had lost that would
have been the end of him so
far as his hopes for the leader-
ship of the SDP were con-
cerned. As it is, there are three
parties starting off — probably
two years before a general
election — on more or less level
pegging.

Trying to analyse the Hill-
head result reminds me of elec-
tions in West Germany. The
Germans have a multi-party
system, though with different
electoral rules from ours. Yet
almost whatever the result,
especially in regional elections,
it nearly always turns out that
there is something in it for
everyone.

So it is with Hillhead. Mr
Jenkins was the winner, hut
neither the Tories nor the
Labour Party did all that badly.

Take' the Labour Party first
Of course, as Mr Michael Foot
has admitted, it was a disap-
pointment not to win. In terms
of the old politics— a Tory Gov-

ernment and around three mil-
lion unemployed — the Labour
performance was downright
appalling. But these are not
the old polities, and Labour
leaders were already conceding
defeat before the voting took
place, despite the Gallup poll
in the Daily Telegraph which
predicted a Labour victory.

Labour may, however, have
achieved something else. It has
gone back to base. There was
an entirely identifiable Labour
programme coming across m
the Hillhead campaign, Mr
Tony Benn, Mr Foot and Mr
Denis Healey all spoke on suc-
cessive nights as if they be-
longed to the same party and
with a genuine desire to put
past differences behind them.

There were two common
themes: jobs and peace. The
employment issue hardly needs
stressing, but what was notable
in Billhead was the feeling
against nuclear weapons. The
Government's ■ decision to
acquire the Trident missile sys-
tem was not always popular
even among its own supporters.

True, that may have had
something to do with Trident
having a base on the Clyde.
Illogical though it is, some
people appear to favour a
Strategic nuclear force, provided
it is not on their own door-
step. But the issue was cleverly
exploited both by Labour and
the Scottish Nationalists, with
the Campaign for Nuclear Dis-
armament behind both of them.
It would be a mistake to assume
that Labour is necessarily on to
a loser.

My own view is that the
Labour Party will become
rather like the Communist
Party in France. It is not meant
to be an insult, for the key ques-
tion is: why does a nation as
civilised as the French continue
to support the CP in such num-
bers? Clearly there is a desire
to maintain an at least nomi-
nally far left-wing party.

The difference lies again in
the electoral rules. The French
Communists tend to go for
coalition in a multi-party
system. Under the British
system, the Labour Party could
still win a general election with
around 30 per cent of the
votes.

For Labour, that is the com-
pensation of the Hillhead result
Labour won 25.9 per cent of
the votes against the Tories’
26.6 per cent. Say that the
Alliance share of 33.4 per cent
was a special case because of
the presence of Mr Jenkins, the
publicity and the razzmatazz,
and it does not automatically
follow that Labour is down and
out

The surprising fact about the
Tories is that they could ever
have talked themselves into
believing that they had a
chance of winning. They were
defending a majority of only
2,000. Nothing in their record,
either nationally or locally, sug-
gested that they could have
held that in a mid-term by-
election. If they had, it would
have been one of the most
astonishing results of all time.

Yet in the end the Tories did
quite well and need' not be

By Malcolm Rutherford

Spring*

6 Still, Mr Jenkins took the risk and won,
and it would be churlish not to congratulate
him. If he had lost, that would have been
the end of his hopes for the SDP leadership*

without hope for the future.
One of the explanations seems
to lie not so much in the
campaign as in the change that
has come over Scotland in the
last few years.

Scotland is no longer quite
the downtrodden, exploited
place that it used to claim to be
in the heady days when the
Nationalists were sweeping all
before them. In many ways it
is coming out of the recession
rather better than England.

Seasonally adjusted unem-
ployment in Scotland, for
example, is now 13.7 per cent
— horrendously high, but by no
means the worst in the UK. In .

the north of England ft Is- 14.9 shipyards on the Clyde — once
per-cent, and inboth- the; North thought to be living on bon-

rowed time— are now winning

West and the West Midlands it
is above 14 per cent

Somehow the appreciation
seems to be spreading that the
economic situation is at least
pot getting any worse. There
appear to be three basic
reasons: the growth of the elec-
tronics industry. North Sea oil
and the industries that go with
it, and the financial services
that go in their train. • -

There may also, have been a
Change in attitudes of the kind
which the Government is seek-
ing in. the country as a whole.
Certainly it is striking that the

orders against international
competition.

To be sure, there remain
pockets of the most dreadful
deprivation, even in Hillhead.
But if the Tories coted concen-
trate on relieving particular
evils while emphasising the
Scottish example as a micro-
cosm of how they would like
the economy in general to de-
velop, they might have a suc-
cessful tale to teU.

.What is odd is teat it is an
happening in a vacuum. Very
few people outside Scotland

seem to be aware of the pro.
gross that has been made, or of
the fact that a great deal of it
is a result of the regional policy
and support to industry that the
Government's rhetoric derides.

The main business for the
SDP now is to accelerate its
leadership election. Most of its
key figures would like to bring
it forward lo July or even June
rather than wait till the autumn,
as was the original plan. But it

■ is & ticklish problem whether
that will be const itutionsllv
possible.

The party’s draft constitution
is due to go out to its members
fur approval early next month
and it might be feasible to add
a question about bringing the
election forward at the same
time. As of yesterday, however,
no-one was quite sure.

Yet the longer-term problem
still seems to me to be one of
establishing a homogeneous
base. Mr Jenkins has emerged
from Hillhead with SDP policies
hot conspicuously clearer. Bo
appears to be against Trident,
for example, but would not
cancel it if the programme were
already under way. And he got
himself into a considerable
mess on the taw and order
issue at a press conference this
week when he seemed not to
know that criminal justice is
administered differently in
Scotland. At times he can look
distinctly fallible.

The Alliance, has picked up
the 15 per cent or so Liberal
vote that we always knew
existed in the country and the
SDP has added a good 15-20
per cent of its own. Allow for
the spoiling effect of the Scot-
tish Nationalist in Hillhead, and
you could say that the AHianne
really polled around 40 per
cent, which is impressive by any
standards '

But we still do not know how
much of that is a protest vote in
mfd-terxBf nor do we knowwhat
ft is thft holds the Alliance
. together.' From now onwards
policies . are going to be much
more important, ami in that
sense the two established parties
are allready reasonably well pre-
pared. In future, the squeeze
could be on the Alliance ro say
where it stands on particular
issues.

Still, Mr Jenkins deserves
credit for bringing the Alliance
to the starting line as an equal
contender, and all within a
year. In a three-horse race
under the British rules almost
anything can happen.

■ Here, for instance, are the
results of the general election
of May 1929: Conservatives
38.2 per cent, Liberals 23.4 per
cent and Labour 37.1 per cent
The distribution of seats was
as follows: Conservatives 260,
Liberals 59 and Labour 288.

•That is the sort of outcome
which suggests that Labour still
has a chance, though the
thought of a left-wing Labour
government coming to power
with (say) 70 per cent of the
votes cast against it must give
pause even to some Labour sup-
porters. It is exactly the sort
of result that brought Allende
to office in Chile.

Letters to the Editor

s

si

o.

fl

M

ci

a

01

Tax

From Mr A. Sutherland

Sir, — Mr Lewis (March 12)
complained of injustice. My
reply (March 16) was that the
remedy was in his own hands,
since a 1982 valuation base for
subsequent indexing of capital
gain could be achieved by bed
and breakfasting.

Whether it would hi fact be
beneficial to do that in a parti-
cular case would depend on the
amount of the gain compared
with the new exemption of
£5.000, the distribution of .the
gain before and after 19S2. and
the transaction costs. Mr Good-
man (March 22) asserts:
“ Given that the tax paid has
an opportunity cost of a factor
equal to inflation, bed and
breakfasting has no advan-
tages.” That ignores other
relevant factors, and so is in-
correct

Mr Lewis is not satisfied
(March 20): "One should- not
be forced to bed and breakfast
merely to be treated on a
similar basis to others.” But
there are at least two relevant
sets of “others.” Mr Lewis-
concentrates on the treatment
of those who buy assets in 1982.
But some CGT was collected
between 1965 and 1982 from
the other relevant group, Le.,
those who realised some gains,
and therefore paid tax under
a harsher -CGT regime. If a
realisation of gates accruing
since 1965 is made in 1983,
then, the tax paid will be less
than that on gates from the
same period which were
realised earlier, because the
exemption is. greater, because
the purchase price is partially
indexed, and because the tax
has been paid later. If , as Mr
Lewis also postulates, “every-
one is to be treated the same
for gates up to 1982” then
these tax advantages would
have to be removed- (Mr
Shirley, Mar ch 18, also omits
them.)

If CGT in future were to be
collected armraMy on accruals
and not just realisations of
real and were to be taxed
at terwmg tax rates* then what.

Mr Lewis suggests about estab-
lishing a common starting
point, regardless of differences
in experience before 1982,
might have more merit As it
is, the Chancellor has surely
done more than enough for
those still locked in to gains
which have accrued since 1965.
Alister Sutherland.

Trinity Colleger
Cambridge.

Confectionery

From the Director,

Cocoa, Chocolate and
Confectionery 1 Alliance

Sir,-rln his report (March 18)
of the take-over of Callard and
Bowser Nut tali by ‘ Beatrice
Foods, David Churchill says
that (the high volume end of
the confectionery business has
suffered badly from the reces-
sion, and that confectionery
soles have been hit by ®he fast-
growing snack food sector.

We do not have figures to
tell us how fast the savoury
snack food sector may be grow-
ing, but 1981 statistics indicate
that manufacturers’ despatches
of chocofcrte confectionery were
360,325 tonnes— an increase of
8,565 tonnes, or 2.4 per cent
over 1980. It is true that sugar
confectionery volume has de-
clined by some 3 per cent ofvbt
the same period bat taking
chocolate and sugar confec-
tionery together, total UK
despatches are about the same
as 1980 at 626,850 tonnes.

The evidence of the past two
years’ figures would not, there-
fore, appear to support tile view
that confectionery sales have
been especially hard hit- by- (he
recession or by the growth of
the snack food sector.

J. E. Newman.

The Cocoa, Chocoiate and
Confectionery Ailian.ce,

11, Green Street, Wl.

Auditors

From Mr R. Moreland, MEP
Sir, — In the Financial Times
of March 8 your correspondent
suggests that the proposed
eighth directive may contain
clauses which will inhibit the

ability of an audit firm to carry
out other work,- such as consul-
tancy. for the same client.

I should make it clear this
would not be the case. The
Commission stated . in answer to
a written question from me last
April that “ The proposal for an
eighth directive does not pro-
hibit statutory auditors of a
company’s accounts from acting
as advisers in tax or other
matters for the company whose
accounts are audited.” At no
time in any correspondence with
or questioning of the Commis-
sion has it altered its view or
added qualifications.

Last August there was a
“scare” in the financial press
that the Council would alter
this. The “ scare ” arose from
Council staff inserting a change
of paragraph (which they claim
was on a Commission sugges-
tion) proposing to restrict an
auditor’s ability to do zion-audit
work. This was ' quickly
squashed and there is no doubt
that the majority of member
states -support the statement- of
the Commission quoted above.

If any Change arose I would
certainly hope and expect the
British government to veto It,
and the European Parliament to
recall the legislation for further
e xamin ation.

Robert J. Moreland.

9. St Paul’s Square,

Burton-on-Trent, Stags.

paid envelope for the return of
the completed form.

The list of candidates on the
voting section of the paper is
in strict alphabetical order.
The reverse of the form shows
the names and career particu-
lars of aH candidates grouped
as to present directors who
retire by rule and are eligible
for re-election, and members
nominated for election.

On the votb^jr paper itself a
star is shown against the
names of the retiring directors
with the note that the star sig-
nifies present directors who
retire by rule and who are
eligible for re-election. The
Board considers that the over-
whelming majority of members
look to it to select persons to
.be suitable and able directors
of the society and to commend
tfceircboice to the members.

All voting for the election of
directors in Nationwide is by
postal ballot and no votes are
cast at the an im al meeting
itself. Proxies are never used
in an election. ' By providing
far a postal ballot of all
eligib le members Nationwide
offers an opportunity for every
voting member to participate in
the election.

Cyril English.

Nationwide Building Society,
New Oxford House.

High Holbom, WCL

the same product cost £18 per
ton and the qualitv was excel-
lent

Can anyone teH me where I
can buy a mini domestic type
nuclear reactor?

Peter Speigl.

The Old Nursery House.
Wothorpe .

Stamford, Lines .

in line with inflation, but why
has my season ticket increased
by 491 per cent while the
RPI has gone up by 128 per
cent?

Christopher Thurman.

11, The Drive,

Upney, Barking, Essex

Fares

From Mr C. Thurman
Sir, — As reported, London
Transport fares have just been
substantially increased. Unfor-
tunately, increases in LT prices
are' not an unusual- occurrence
as the data in the table shows.
I commute between two LT
stations, Upney and Marble
Arch, which is a journey of
about 15 miles. I first bought
an annual season ticket In 1975.
since when the price has
escalated as shown.

% increases
Retail
Price
Index

Cost Season (annual
ticket rate)

Elections

From, the Chief General
Manager,

Nationwide Building Society
Sir, — Lest any of your
readers should even begin to
believe that the voting proce-
dure outlined in “ Battle over a
closed shop” (March 201
applies to Nationwide Building
Society, I fed I must set the
record, straight

Every member of Nation-
wide with £25 or more invested
at December 31 in any year is
entitled to vote in the election
of directors at the annual
general meeting in the follow-
ing year. Voting, papers are
sent to each member qualified
to vote together with a reply

Rubbish

From Mr P. Spiegl

Sir.— The Domestic (teal Con-
sumers Council’-: call for a
standard quality /price for coal
is timely. ("House-coal grading
call” by Martin Dickson, March
18.)

As a domestic consumer of
six tons of anthracite per
annum supplied hr an approved
coal mer chan t, I strongly resent
having to accept whatever is
delivered without any' control
over quality.

It is interesting to note that
I now pay £120 per ton for
ndbbish which can only he
encouraged to bum by the daily
application of the bottled gas
poker. Not so many years ago

Date
July 1975
July 1976
March
1978
" 1979
" 1980
” 1981
” 19S2
Overall
increase

£

117

209

250

282

413

469

691

79 13

20

13

46

14

47

23

10

20

13

nest

Chuffed

From Mr R. Bullock.

Sir, — As a member of PRAM,
tee party representing all
minors, I was dead chuffed to
see that our pocket-money
grievances got on your front
page (March 22). Our situa-
tion is a national disgrace!
Some of our members have
even had their - gobstoppers
stopped! We think we should
have parity with the other
miners, the NTJM.

Our other campaign is for a
shorter working week — no
homework on nights when
Laurel and Hardy are on TV.
And we want time off school,
no questions asked, if suffe ring
from Rubik thumb.

Also, please can we have
strip cartoons In the paper,
instead of all that boring news?
Lots of love,

Roger Bullock.

7, Sidmouth Drive,

Blackleg, Manefceser.

574 491 128

The price of my ticket is not
unique and for some of my col-

Axed

. From the Managing Director,
North Western Farmers

Sir,— Tt is, I suppose, not

leagues it has reached such pro- surprising to read in Men and

portions teat tee cost of getting
to and from work now accounts
for something like two months
salary (after deducting tax, NHS
and pensions). It should be
noted that during tee period

Matters (March 19) that the
Treasury employs a. number
of one-banded economists;
obviously decision-taking is
made that much easier. What
appears ingenious is tee way

covered in the above table- both .it has secured the services of
parties have been -in control at such people. With 65 out of
Westminster and Greater Lon- a total of 379}, and the reduc-
tion Council. tion from 64 to 54} in Great

LT “regret” the current George Street, it has taken, pre-
increase. Much of the current sumabiy, to literally axing

debate is about the current in-
crease and tee magnitude of
past increases has been forgot-
ten or overlooked. It would be
one thing if the Increase in LT
prices had moved more or less

employees instead of making
them redundant
J. B. Gould,

North Western Farmers,
Market Street,

Nantwich, Cheshire.

Stockmarket

Investment?

Learn the 3R r s first

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ice

Financial Times Saturday March 27 1982

Robert Graham, in Madrid, reports that Spain’s centuries-old sherry industry fears that takeovers could alter it for ever

17

Why the sherry

NEARLY EVERY component of
Uie traditional image of Spain
is to be found in Jerez de 1«
Frontera, often to the point of
caricature Flamenco, Hie
guitar, fine horses and the
rasing of fighting bulls are
natural passions for people
whose siestas often stretch into
the evening

Society divides into two clear
.extremes: the rich, m any of
■them idle, and the landless
labourers. It is a very special
community whose fate has been
shaped round the prosperous
business of brandy and sherry
wines.

Just as brewing in Britain
produced the “beerage," so the
sherry trade has created its own
particular aristocracy. This con-
sists of a group of families, all
extremely large and often inter-
connected, which over five or
six generations has accumulated
great wealth from the trade.

Nearly all have origins out-
side of Spain. Long standing
trading. links with Britain and
France ensured that some have
married' abroad. For instance,
the big names are frequently
British or French — Byass.
Do meet}, Garvey, Osborne and
Terry. <Many of the children
are still sent to British boarding
schools.)

Until four years ago these
families assumed that the busi-
ness was immune from recession
and other financial problems.

"We thought the world needed
us, people will always want to
drink sherry and brandy,” says
a member of one of the big
producers. “It came as a rude
shock when dividends could not
be paid. There are people here
who Kve off this Income and
for them it was like turning off
the tap."

All the major brandy and
sherry producers have been
forced to restructure, and find
new sources of finance. None _
has been immune — not even '

Pedro Domecq, the most pres-
tigious and best known com-
pany in the trade with world-
wide sales last year of some
$450m. Domecq reacted to the
changes slower than most and
its future shape is far from
certain, particularly since Jerez
is still alive with rumours that
the Rumasa group is deter-
mined despite rebuffs to acquire

control.

Domecq faces three alterna-
tives: the existing shareholders
can pump in more money, the
company can seek a multi-
national partner or find new
Spanish capital. The existing
shareholders are by no means
united. More than 300 members
of the family hold stakes and
there is a sharp division
between those who will sell to
the best offer and those wfeo
want to restructure the com-
pany from WiJihin

“ There are roughly 33 per
cent willing to sell out to any
buyer— many, of these are
widows." says Sr Alvaro
Domecq who acts as spokesman
for the “ dissidents." Against
this is a syndicate representing
57 per cent of the shares which
consists principally -of 15 per
cent Banesto. Spain’s largest
bank, 18 per cent Hirarcn-
Walker Espino (50 per cent
owned by the Canadian group),
12 per cent Pedro Domecq
Mexico (the Mexican affiliate)
and 3 per cent Banco Inter-
nacional de Comerdio.

The most powerful figure
within, the syndicate is Sr Jose
Ramon Mora Figueroa, married
to a Domec. Though approach-
ing his 80s he wields more
authority than bis son who is
chief executive. The dissidents
call him **J. R.” He holds an
important stake via Hsram-
WaOker Espana, which he pro-
moted putting up hcAf Hie
capital.

According to the company's
president, Jose Joaquim Ysasi
Yasasmeirdi, members of the
syndicate are wilting to pump

Trevor Humphries

Advertising hoarding near Cadiz brings home Jerez’s traditional of sherry and bnOs

are nervous

in the necessary funds, around
$40m. However, the syndicate
was formed, primarily to pre-
vent surreptitious purchase of
shares and to block unwelcome
bids rather than as a cohesive
group to plan the future. And
it is only bound together until
December 1983.

The syndicate has just fought
off a bid by Spain’s largest
private holding company,
Rumasa. The bid had the
whole of Jerez buzzing with
rumour. For it came from Sr
Eduardo Vergara, married to
one of the Domecq family and
not known for his wealth. In

a letter to Domecq's president
Sr Ysasi, Sr Vergara proposed a
cash purchase of between 15
per cent and 45 per cent of
Domecq shares at 300 per cent
of their par value.

This would have meant a
total outlay of over $50m. Sr
Ysasi was suspicious and con-
cluded that Sr Vergara was act-
ing for a third party. The trail
quickly led to Sr Jose Maria
Ruiz-Mateos, founder and chief
shareholder of Rumasa.

In Jerez there is a story, per-
haps apocryphal, that Sr Ruiz-
Mateos has vowed to get even
with the Domecq family after

the latter had humiliated his
father. Sr Ruiz-Mateos's father
had a very small bodega in
Jerez and was not considered
part of the Jerez " top drawer.”
A Domecq takeover by Rumasa
has been long seen as the sweet
revenge planned by Sr Ruiz-
Mateos,

Quite apart from the humilia-
tion of a Rumasa takeover, the
Domecq board believed that it
would mean a change in the
nature of the company and its
products. “They really feared
Rumasa would alter the quality
of Domecq and that the sherry
business would never be the

same again," commented one
outsider.

The latter point appears to
have played some part in Sr
Vergara's decision to withdraw
the offer.

The bid took the Domecq
board by complete surprise. In
Jerez where everyone knows
each other, it was thought that
any bid would be in the open.
“ We will only accept bids
through the front door”, said
Sr Ysasi.

For his part Sr Ruiz-Mateos
has sat back, roundly denying
having made any bid. Indeed
he has probably derived a good
deal of satisfaction from the
confusion caused. He has also
been able to test quite success-
fully the market value of the
shares. The Domecq board
values their shares at 200 per
cent of nominal. The blocking
of the hid suggests they are
worth more.

On the other hand the re-
action of the Domecq board has
been clear enough. If they
can they will never permit
Rumasa, which owns Williams
and Humbert and the driiiks
chain Augustus Barnett in the
UK, to take over Domecq. And
it was not just Domecq which
made this known but the other
big groups like Osborne and
Gonzalez Byass.

The Rumasa group already
controls around 30-35 per cent
of the distribution of sherry
(market shares are never pub-
lished and kept secret). With
Domecq under his wing, Sr
Ruiz-Mateos would h??e con-
trolled 50 per cent of the sherry
market — far too powerful a
position for the rest to accept
willingly.

Domecq’s problems have been
a combination of changes in
drinking habits, the inter-
national recession and the
classic difficulties of a family
business. In the past ten years
operating costs have more than
quadrupled while the price for
brandies and sherries has gone

up only 52 per cent The tradi-
tional markets abroad have been
squeezed by higher taxes and
tighter household budgets. Thus
the UK which in 1979 was tak-
ing almost hatf of all Spanish
sherry exports is now only
buying about one third.

Domestically Spaniards have
ceased to drink so much cheap
brandy and have switched to
medium grades. Domecq was
long a leader with its cheap,
Fundador, brandy and has had
to adjust to pushing more up-
market. brands. The companies
have also been badly hit by high
interest .rates. Slock financing
costs have risen in two ways.
The principal foreign sherry
buyers are cutting down on the
quantities they 2 rc- willing to
warehouse, so throwing the
burden of greater storks on the
producers. Declining demand
has further pushed up stocks.

In Domecq’s case these diffi-
culties have been compounded
by excess labour and overinvest-
ment. "Traditionally Hie
Domecq payroll has had little
to do with business needs and
has really been a reflection of
the family’s importance in the
Jerez area.” commented one
member of the family. By the
mid-1970s the workforce ha:l
swollen to 1,500 with nearly 300
more involved in sales and dis-
tribution. According to Sr Ysasi.
cuts have brought down the
workforce to 1.000 and within
four years redundancies will
reduce the total to 500. But
redundancies have been expen-
sive costing on average Pesetas
2m per worker

On ’ the investment side
Domecq chose to diversify just
before the onset of the reces-
sion and high interest rotes.
The result was that Domecq
landed itself with some 840m
tied up in 1,200 hectares of
prime Rioja vineyards. “This
was a mistake which we have to
live with although we shall try
to sell off some land,” says Sr
Ysasi. Already 300 hectares

have been sold. The company
also plans to cue the current
number of its bodegas from 48
to 24.

These problems were at first
concealed by profits from the
group’s international operations
and affiliated companies. Via
Pedro Domecq International, a
wholly owned Luxembourg com-
pany, it has a 75 per cent stake
in Pedro Domecq Mexico. There
are also companies in Italy,
Colombia, the Netherlands,
Panama and Venezuela. The
jewel in the crown is the Mexi-
can operation which is ex-
tremely profitable and a market
leader in brandy and tequila.

fi We will only accept
bids through
the front door'

For instance Pedro Domecq
Mexico has 52 per cent of the
Lequila market. Consolidated
group revenue lasr year was
Fta 45bn (9450m ) with over-
seas profits, principally Mexico,
oC Fla l.lbn.

Against this Pedro Domecq
operations in Spain lost Pta
7S2m, pulling group profits
down tn Pta auOnt.

Sr Ysasi believes that with dras-
tic labour cuts, some divestiture
and hroadening commercial
operations with Hiram Walker.
Pedro Domecq can retain its
present identity and above all
maintain the prestige and
quality oF its products that it
values so highly.

Nevertheless there is a limit
to how long the dissident share-
holders will wait for a turn-
round. With a third of the
shareholders in various degrees
of eagerness to sell, this is
fertile hunting ground for any
buyer. And a buyer who gets
Domecq has a name that is
synonymous with sherry.

* •-

■■ * is .*- 1

Weekend

Brief

Where
weathermen
are stars

If you want to get ahead in the
TV ratings of the news pro-
grammes get a good weatherman.
That sems to be the policy at
the big American broadcasting
companies where the men and
women with the chants and
barometers get paid the top
dollars— along with the anchor-
men and the -sport reporters,
they are the stars who draw the
crowds.

According to a salary list
spirited out of NBC, one of the
three big networks, the weather-
man at their New York TV
station earns a staggering
$370,500 for his nightly efforts.
That, admittedly, is -the top end
of the market. But who can
say that the British have an
unhealthy obsession with the
weather?

Unlike Britain, VS. broad-
casting stations like to have
their own weathermen rather
than plug into the U.S. National
Weather Sendee. Several
private weather forecasting com-
panies also supply a service on
contract, though till weathermen
rely heavily on reports and
satellite photos put out by the
Government.

' Such is the glamour of
weathermen that competition
for the job is intense and not
immune to deceit and scandal.
In a much-publicised case four
years ago. Dr Bob_ Harris, the
affable meteorologist for CBS
and the New York Times, was
exposed as a fraud.

Far from haring rhe meteoro-
logical doctorate he claimed, it
turned out he was self-taught.
CBS and the Times quickly dis-
pensed with his services, but
shortly afterwards he was Pirised
up bv one of the local TV
stations in New York where he
now appears nightly as. plain Mr
Bob Harris.

Having said all i hat. however,
there is no denying that
American weather forecasters
are extraordinarily good. If
they say it's going to be a nice
day, you can bet your best suit
and new hairdo it will be. And
if they say it’s going to start
raining at three o’clock, woe
betide anyone who leaves home
without an umbrella. One day
last winter. New Yorkers woke
up to an unseasoually mlia,
sunny day. But the forecasters
said * it would be beastly by
nightfall with freezing tempera-
tures and heavy snow. Sure
enough, by 10 pm, the city was
under six inches of snow, and
the balmy dawn seemed use
yesteryear. .

How do they manage so much
better than those nice but much-
maligned people at Bntam s
Met Office? They probably have
roughly the same equipment,
and meteorological information
is now shared worldwide.

Actually, the answer seems to
be quite simple. They just
watch the weather coming. Most
of the time, world weather-
systems move from West to
East. But while the Atlantic
chums them up into unpredict-
able patterns which splatter
over Europe, fronts seem to
more in nice straight Sines and
at steady speeds across the
North American land mass. _ If
U.S. weathermen know a rainy

NBC-TV weather forecaster. Dr Frank Field

Harrods

Tokyo-

bound

Up to $370,500 p.a. for nightly forecasts . . .
Harrods goes East . . . London’s fare rises

after a devastating week for
public transport in the capital.

Spring, it said, was the worst
possible time to raise fares, let
alone double them as happened
on Sunday. “Putting fares up
in the spring simply encourages
people to get on their bikes,”
LT said as the sun shone and
as the worst effects of the 100
per cent rise in fares were
realised in droves of lost pas-
sengers.

“There is -a theory around
here that you should always put
your fares up in October, on
the basis that cyclists stop their
fair weather habits as soon as it
starts pouring with rain,’ LT
said, from its headquarters
above St James’s Park tube
station. *

LT is not particularly
paranoic about cyclist?, but it
certainly feels threatened by
the unprecedented loss of
passengers as a direct result of
- the fares rise.

An estimated 1.06m passen
gers deserted London Transport
each working day this week in
the face of the one-stop train
fare of 40p and the 20p Fare for
the shortest ride on London’s
red buses. This loss of business
was 21 per cent of the 4m bus
passenger and 11 per cent of
the 2m tube train passengesp
who used LT daily under the
Greater London Council’s “fares
fair” cheap fares Tegime. This
was outlawed by the Law Lords
and ended with the doubling of
fares on Sunday.

The GLC’s cheap fares policy,
based on a 32 per cent average
cut in fares last October,
boosted bus patronage by 11
per cent and tube train use by
7 per cent

With the fares rise, cyclists
and walkers have become the
biggest threat to LTs tradi-
tional role.

Cycling alone is forecast by
LT to increase by 40 per cent
and, with walking, will account
for -almost half of the total loss
of five percentage -points in
LTs market share, which is
expected to fall from 26 per
cent of all journeys in London
to 21 per cent.

Car. taxi and motorcycle
journeys in the capital will rise
by 300,000 a day,.it is estimated,
causing vehicle mileage to. rise
by nearly 3 per cent. London
taxi drivers have already felt
the impact of this in greater
traffic congestion and journeys
typically three times longer
than they were the week before
the fares increase, according to
Mr Harry Feigen, the general
secretary of the Licenced Taxi
Drivers’ Association.

London Transport is steeling
itself for even worse to come.
“ Anybody could still go to the
High Court and again question
the current level of subsidies,
because it simply is vot clear
how much we can Sftisidise our
services." LT said.

Under the worst possible
interpretation, “we could be
talking abcot a. 50 per cent cut
in bus services, the closure of
up to 16 more tube stations on
top of the seven now planned to
close and a further 15 per cent
cut in tube services.”

The immediate cuts iSart hi
July when bus services are cut
by a tenth. After that LT can
look forward to the drizzle of
the autumn, when a further,
fares increase, still not ruled
out for this year, could be
imposed to the detriment of
London’s new breed of cyclist

Contributors;

David LasceUes
Feona McEwan
*;• Lynton McClain

front is 100 miles to the west
and moving east at 10 miles an
hour they can be pretty sure
the clDuds will open up in 10
hours time.

But their credibility took a
knock in Boston when they
failed to predict what turned
out to be the worst snowfall this
winter. Postmortems went on
for days, and satellite pictures
were produced to show that it
was all mother nature's fault
because the storm system mov-
ing up the Atlantic coast had
decided to turn left into Boston
for no apparent reason at all.
Such vagaries are not welcome
in America.

The spawning season is here
again. This time it's Harrods,
that is making the news.

Singular for the past 133
years, this senior citizen of
department stores has con-
ceived. The offspring Is due in
the autumn when Harrods goes
east and sets up shop in Tokyo—
more specifically within the
distinguished Mitsukoshi depart-
ment store. The birthplace may
be about as faxffung from
Knightfibridge as- man can
travel, but the choice of sophi-.
sticated Tokyo, one of the most
prosperous world capitals, is not
as unlikely as it may sound.

*' For a long time we've
thought that because so many
of our visitors oome from Japan
and America, it was right to
offer a taste of Harrods in these
countries,” says Mr Aleck
Craddock, chairman and man-
aging director Harrods, intimat-
ing possible future forays west.

Few Harrods, the venture is
a first. Never before has any of
jts own merchandise been on
sale in a foreign store. But
giants move cautiously and the
move is tentative enough at
putting its foot into the waters

of expansion. The shop will
comprise a modest 300 square
feet and witi sell only Harrods
own label products. The “ essen-
tial Harrods” could therefore
include anything from teddy
bears to food .hampers. None-
theless it is a departure for the
store with the tel egrap hic
address of EVERYTHING,
LONDON. Signs of the 'times,
no cfotibt, that it now sees fit to
do some of the seeking.

If progress means expansion,
in any form, then the 41-acre
London island site has to look
further afield, since there is no
neighbouring property left to
absorb. The last frontal acqui-
sition was in 1911 and since
then any development has had
to be inwards.

Overseas, therefore, would
seems an obvious step. For its
part, the Mitsukoshi chain must
be wall pleased with the ven-
ture, one it has been mooting
for some tune. Like Harrods,
Mitsukoshi is steeped in tradi-
tion — it dates back to the 1 7th
century — and is known for its
upmarket merchandise. With
jts floors of European luxury
goods and prices to match (you
can pay £80 for a belt), it
carries the highest percentage
of British products in any
Japanese store and obviously'
recognises the Japanese weak-
ness for famous labels. The
group Is Japan's largest depart-
ment store group, operating
-some 15 stores and 36 specialist
shops.

Above all, Harrods* move
east must surely be seen as
yet another testament to the
continuing cachet of the Every
green and gold bags in the
international marketplace. .

LT feels
threatened
by cyclists

London Transport turned to
cracking jokes this week in a
brave attempt to raise its morale

TODAY: Mrs Margaret Thatcher
addresses final day of Conser-
vative Central Council meeting
in Harrogate. Mr Michael' Foot,
Leader of the Opposition, to
address rally of members of
NALGO at Camden Town Hall.
National Consumer Congress
starts three day meeting at
Surrey University. .Symposium
-on Energy and International
Co-operation in Tokyo.

TOMORROW: H Salvador

national elections.

MONDAY: CBI monthly trends
inquiry for March. Quarterly
analysis of bank advances for
mid-Februaiy. Two-day EEC
Summit meeting in Brussels.

Economic Diary

Commons debates Trident pro-
gramme. Mr Norman Tebbit,
Employment Secretary, attends
Ways to Work Conference at
Chelsea Town Hall. Institute for
Fiscal Studies conference on
Green Paper on Corporation
Tax at Regent Palace Hotel, Wl.
TUESDAY: U.S. leading indi-
cators and factory orders for
February. Lords debates EEC
farm price proposals, and
Poland.

WEDNESDAY: National income
and expenditure in the fourth
quarter and year 1981. Final

unemployment and unfilled
vacancies figures for February.
Employment in the production
industries in January. Overtime
and short-time working In the
manufacturing industries during
January. Stoppages of work due
to industrial disputes in
February. Two-day meeting of
the EEC Agriculture Ministers
in Brussels. Lord Carrington,
Foreign Secretary, begins two-
day visit to Israel. Commons
two-day debate opens on Oil and
Gas (Enterprise) Bill.
THURSDAY: Building Societies

make mortgage payment reduc-
tions. Japanese lower import
tariffs. Settlement day for bank
pay talks. Mr Christopher
Tugendhat. vice-president of the
EEC, attends Westminster
Chamber of Commerce lunch at
Hyde Park Hotel, SWl.
Mr Caspar Weinberger. U.S.
Defence Secretaiy, begins two-
day visit to Manila.

FRIDAY: UK official reserves
for March. Capital issues and
redemptions during March.
Housing starts and completions
in February. Sir Peter Parker,
chairman of Erilish Rail, speaks
on Industrial Concerns and the
Government at the Institute of
Civil Engineers. Edinburgh.

Sir Herbert Ashworth.

Iahis speech to members of the Society on March 26th 1582,
Sir Herbert Ashworth, Chairman of Nationwide Building Society,
reported on Nationwide’s continued progress inl98L _
“Nationwide achieved excellent results against a
background of increasing competition for both savings
and mortgage business!’

T/v

Mortgage advances in 1981
totalled £1,026 million. We now
help over 454, 000 home buyers.
Of our total of 64, 000
new borrowers about
half were first-time
buyers. We advanced
over £70 million for
home improvements

51 !

During 1981 our choice of savings schemes helped
nearly 2. 9 million investors - an increase of over 200, 000

- make the most of their
money. Gross investment
. receipts were £2, 538
million and our total
assets rose 15. 7% to
over £5, 3S2 mOlian-
«■.,« arecord

Nationwide is contributing to nrbanrenewal
programmes in the dty centres of Liverpool, Manchester,
and Belfast where housing improvements are urgently
needed.

We are continuing to assist in other areas
of special housing need by working dosely
■with localauthorities, housing associations
and builders. Nationwide is also playing an
active part in the Financial Institutions Group -
setup by the Secretary of State for the _
Envimnmentto study some of the housing
problems in deprived urian areas.

Please call in at any of our 1,100 branches
or agency branches for your free copy of our
1981 Report and details of our services for
investors and borrowers.

inches

Nationwide

Building society

* * •“ ’ > ~ 1 *»* i f.f- .

* v-* , . j?<v-

ft.jgae’s'iSL.i

Companies and Markets

UK COMPANY NEWS

Financial Times Saturday March 27 1982

Stothert hopeful as deficit shrinks

- Tn^ AiSK its first half company has orders for pane

losse s a s forecast, from £L05m Offshore cranes, which are due
to £529,000, the directors of to be delivered in 1982-83, and
atothert sod Pitt expect the com- it is actively seeking further
pany to be operating at a business to provide continuity
modest rate of profitability by for this range
the end of June.” to the mean- Turnover for the six months

DIVIDENDS ANNOUNCED

Date Corre- Total Total
Current of spooling for last '
payment payment div. year
L -125 April S 3.7S* §

. JL13 May 19 0.75 1.13

- 1 July 5 Nil —

. 6 June 4 6 6

time , the board has decided that rose from £10.55m to £lL48m. Aberdeen Land int 455 A;

the results do not justify pay- The pre-tax figure was after de- Anglo-Flnance 1.13 M i

ment of an interim dividend— no predation of £185,000 (£208,000) Cope Allman int 1 Ju

payments were made last year. and interest charges of £554,000 Eucalyptus Pulp 6 Ju

They say that prospects for <£411,000). There was a tax Hanger tars 05 —

demand in the coming months charge of £1,000 (same), leaving jgansoa Finance int 15 —

3.78* fi
0.75 1.13

Manson’s bids and deals

leasing Kent raises cash in

problem , .

federated Land bid

small UK banking company in

which the Singapore financial „ _ _ ...

conglomerate. Hong Leong, has • “* Kent, the housebuilding April 6 when resolutions to tion while Federated has shown

a majority interest, has run into property development increase the issued share capital only S3 per cent appreciation,

further problems with its fledge- snmp, has stepped up iq sufficiently to implement the Each aide has been making a

Kent raises cash in
Federated Land bid

ling leasing venture.

attempt to surmount the twin Estates deal are 'proposed.

virtue of a fundamental differ.

are still irrmurtaiii, but what is a- loss of £530,000 (£L05m).

certain is thfLt the company must
continue to reduce product costs

comment

Montagu Boston 155

Newman-Tonks int. 1.65

Southampton XoW 55

The company says in its obstacles which stand in the But Kent's task is once again ence in operating approach,
interim statement that the prob- wa V a successful, bid for made more difficult by the fact Kent usually sells a completed
Iems referred to last year have Federated Land. that, with a major line of shares development, achieving a pro-

proved “far more extensive Kents terms have been acquired from the Kuwait sale on 1 many occasions, atm

if it is to be rotative in the The market had already marked gwdeuSshown peeper share net except where otherwise stated. *«■* “£L Inaras* bflta. SinntE iSrtter SdiS up Vst^cS

difficult market conditions. - Stothert & Pitt’s shares down to " . Equivalent after allowing for scrip issue. tOn capital than bad teen thought." .The tocreaseaoy top, doubling toe Investment Office earlier this building up a strong nan Row,

difficult market conditions. - Stothert & Pitt’s shares down to ~ • Equivalent after allowing for scrip issue. tOn capital tnan nan wen tnougny me of ^ Z a net IkmM H

In the first baM, to December an eight-year low of 56p y^ter- b y rights and/or acquisition issues. tUSM Stock. srouP ■*» “ exceptional “J el gJ“ t “pS* S hS the

31 1981, heme orders for con- day and left them u n c h a n ged on §Flnal of 9.75 forecast charge ^ 000 for its leasing Jfl" Federated at probably speak for marginally Tion by the June financial year

“ • - ■ * * 3 * in losses in 1980/81 and has made ||6.96m, Kent shares at over 23 per cent of the com- end.

tractors’ plant have shown an the news of halved losses for - — — — - - . — , — r--

tmprovement from the very low the half year. The group another below the line charge BSp down lp yesterday, and the panys capital,

levels recorded last year but the managed a "mail trading profit while capital gearing climbed to clouds which now hang over the of £293,000 in the six months to resultant worth of each Federated’s
directors have been unable to in the period, but this was wiped 75 per cent where it remains, oil industry .also hang over December 31 1981. Federated share is 156p. wise predom

expand export volumes and are out by heavy financing costs. ' Despite fierce price competition S k P — a fair portion of toe The group, which set op a Federated snares were un- institutions v

c ■ in laonJZI in ite nun nr markets the com* rwnnanv's hnsine«c ic ripnemrionf In lOQn Changed at 145D. nnrmallv lnd«

panys capital. Federated, which was ' still

Federated*s equity ia other- fiercely resisting the new terms
wise predominantly held by yesterday, pointed to toe rise in

still facing serious price com- Borrowings soared in 198031, in its major markets, the com- company’s business is dependent leasing one rati on In 1980,

The group, which set up a Federated shares were un- Institutions which would not asset backing, to JS5p per share,

^ * T I AhiinnH nt 1 /Ca »v_. _r- IOTA.

petition in most markets.

While tender levels for over-

changed at 145p.
The bid will

largely as - a result erf the pany believes it can return to on the heavily cyclical trade appears to have run into difficul- _v e j ^ 1 lapse,
collapse ia demand for plant by profit by the year’s end. It is The shares are now only a sixth ties with its early portfolio Federated acquires Estates

normally lodge their proxy votes since the middle 1970s which
if until just before toe critical stems from a policy of holding

extraordinary meeting.

properties as investments.

Kent holds 14.7 per cent of sees further substantial growth
sderated’s equity following a in the value OF its three major

Reshaping Cope Allman in black at midway

video type machines in places sltes - Yet Federated s terms are dawn raid and, without a full shopping developments and

such as pubs and working men’s almost certain to go through alternative cash offer, cannot insists that Kent’s bid must be

clubs. The machines suffered given the acceptance of “the add to its interest through toe related to net worth,

from raoid obsolescence and the Frowtmg party" in respect of market. It discounts Kent's claims

from rapid obsolescence and the Frowtmg party" in respect of market. It discounts Kent's drists

lease covenants were not of toe 6Ll per cent of Estates’ equity. Kent is therefore attempting that the combined Federated/

highest quality. Federated’s own bid reaches its to point up its relative share Estates grosp would be highly

Assets acquired in the Era* dosing date on April 13 price performance against geared, post-acquisition, And

the closing date on April 13 l

performance against geared, post-acquisition, And

DESPITE THE Inclusion of losses of the group’s 59 per cent holding and a half the workforce has pre-budget nerves. Cope Allman previous year have since been Kent recognises that to fore- Federated since each company believes that it will be able to
of £226.000 on' businesses which in Capseafls for £35m, the equity/ been cut by about 30 per cent, is almost ready to put away the found to be tmoroductive and stall Federated it must secure a was first listed in the early part make selective disposals from

have now been sold and. higher defct ratio improved from 59:41 not including Capseals, and the axe, but current trading does Mans on has decided that they simple majority of Federated of the last decade. Kent's share Estates’ portfolio to fund the

interest of £3 ,44m against £351m, last June to around 66:34. The £2.6m turnround in packaging not indicate any surge in de- should be written off to nominal shareholders at the extra- price, it maintains, has risen major part of the Hanley

Cope Allman. International swung funds released will enable the has been more the benefit s of maud. The share price gained values and the current figures ordinary meeting called for over 1,000 per cent since fioia- shopping centre project

round from a loss of £149,000 to company to continue with toe rationalisation than an upturn lp to dose at 425, yielding 10 reflect that decision.

a pre-tax profit of £407,000 in toe development of its growth m demand. Operating profits per cent on the last 12 months’ The management of Manson a A " -m -m ' '

six months to December 31 1981. businesses, says Mr Manana. from the leisure division are payout. Assets per share are leasing has been changed and MoWIOmAIl ATTAY* f A1* Li AmAlfl
In addition M r L. J. Manson, it is <&e object to complete 111211 s * ia3 ' e the quality, nf assets Improved mT lill|ll t H l \^l 104 Fi » Jf\ I fllf 1C1

chah-man. anticipates operating restructiSn- during toe second ™ 5?^ ea ? Tea after ** Capseals by concentrating largely on aeri- va & *aiaavai

profits for toe current second half, he adds, so that toe com- m ™ te0 games exaCfirbated by dl£90EaL culturally based business intro- __ - . • A * - , • J . Jn . .

half will exceed those for toe pany will start next year with. a
corresponding period, when a pre- group of businesses capable of
tax surplus of £522,000 was malting the return on investment
registered. A net interim dm- required,
dend of lp . (nil) ha s _ been ™ . ... _

Capseals £ 0 . 21 m ahead

MR KOB^T MAXWELL'S Pei- since expressed interest in or is declared, unconditional as

Finance.

gamon Press has agreed terms acquiring the company, icclud- to acceptances.

itAflinnwi rAot a Ansi nf Or, This will leave Cotx! as a Tiw po BENEFITTING FROM toe cost (nil), earnings emerged at pre-tax profits for toe six w jj ere Professor Roland Smith included
declared Last year a final of 2p group^con^ntroted reduction programme im- £202,000 (£89, (m), equivalent to months to end 1 Ml rose by 44.5 JaS draSraan^ rinre 1979 * Saco

SSS£a&S& L ^’ , ESS3S&E

mssesft » -

Afanson leasmc Is now for ^ acquisition of E. J. ing a consortium drawn together But, on the basis of the not
making good nrogr«s and group “S d ^\. the private Mr Martin Arnold. Other asrer values It would result in

S & . - 6 . TrfiAn&haCMl niihlichtnor mrnnanv Kirld atc ora linitAwtiwiil ta « T>PP

Provisions

pre-tax profits for toe six Leeds-bwed publishing company bidders are understood to have a RIT ordinary tfiareholdw re-
months to end 1 951 rose bv 44 5 where pr °fessor Roland Smith included Performance Secun- cefving, for every MO RIT

M hMW aSmr has bee i? chairman since 1979. ties, a company headed by Dr share? some 268 Great Northern

toe eSSordinareltem T No o£ l er P rice was disclosed. Michael Sinclair, formerly of toe ordinary shares. .

1SH Irrevocable, undertakings . of Allied Investments medical -

dwvtrjjuiiiwt; iiftu mccu mmvcu ua gruujj, 49 well as the Hestalr ««»«*« w

behalf of 51 per cent of the group. JOHNSON MATTHEY

CCnt Araold had shareholders’ : Johnson Msttoey has acquired j
of the deferred ordinary. funds of £7.82m in January 1980. the business of the International

Arnold, which specialises in Pergamon has indicated that Electrolytic Plant Company, the

the sale of educational books to the terms and conditions of its ma i° activity of which is the

schools and libraries, is believed offer will be released on Monday, manufacture of equipment {or )

to heva inmiwfiwV « PifmififHint oaHnpa4in or hitdMMAn .1** I

^ £225fiCO( £83,000), £ !&"**"*& vSTSmS^JS^SI dSuS ProSl^were^de ta *TK div^Sd of 15p^t which ordinary shares and 92 per cent

/ cono AAn i_*_\ i : ^rss^dssra set which l of .^,"“.°“... .

UUUVU AAA UL *AW*»,UUU 4,1. T

(£232.000 loss) and earnings per sectors-

5p share are stated at 0J23p (0.64p ,

loss). Minority -profits totalled ® COmiTient

toe last Ml year.

First half UK sales advanced ** to ^pOMO will be needed to
from £8.16m to £953m, while losses °*? J*

£92,000 (£22.000), leaving the Cope Allman has managed a 25 exports showed a mar ginal fail J? 1 ®*® tw> companies and ^ this
attributable balance at £90,000 per cent improvement at the from £2 .27m to £2.11m, giving a reflect ed_ in toe balance

(£254,000 loss). operating level, bat continued total turnover figure of £ll54m * or “ e y ear un( * er

Commenting ©a toe interim massive interest charges almost (£10.42m). From this, operating review,
figures, Mr Manson says toe wiped out profits pre-tax. The profits improved from £277,000 On March 18, Sonora UK made
period was one in which con- company has taken radical to £444,000, after charging a a bid for toe company, pur-

siderable progress was made action to reduce borrowings. £62,000 trading loss on account chasing a 59.15 per cent holding

towards the reshaping of the with about £6m realised from of Packaging Products winch has from Cope Allman and offering

group. divestments, including £3fitn now been sold. 5 Op cash per share for toe re-

The disposal programme has from last week’s disposal of the Interest for toe period took xnainder of toe capital It is a

Aberdeen

Land

midway fall

to have incurred a significant
trading loss for the year to
January 31. A loss of £577.000 in GREAT NORTHERN

lowed’Y J’re.taf^Sst 19 ?? £e « frjgjgfr g

troubled by disagreements P. no 5. chai y es ** Great

generating hydrogen by elec-
trolysis. The purchase price is
believed to be about £100,000.

RUBEfMmrS NEW
VprrURE COMPANY
A new joint venture company,

racKflemg hToouoswmcnnas man uope Aiiman ana qttenng ^ ^ Northern Investment Trust was venture company.

m been sold. 5 Op casfc per share for the re- ALTHOUGH there was a fall in I795p and 4T9.7p per share of Hy* 0 * 4 toc » incorporated In

Intent for_ toe period, took matader. of. toe capital. It is a first hSf taxable profits at City S222L l£L w- SSS* mT • ^ Jammy whose offices are

lire yiugrauuue aas irom last weeK s disposal of me interest tor me penou took mamuer oi toe capital it is a first half taxable nrefits at Citv j - ^ rtt

s^tiaHy ^eon^leted. the 59 per cent bolding in Capseals- less* flfi.000 (£188,000), ro term of to. offer that np ^jS!££uJl XiriaSS ^ri

workforce cut by a farther 11 As a result gearing has been fleeting slightly lower rates and dividend be paid to existing the

Sbihiir™-w^o"Mr“^2 rS5wT«w5 *M Sri" iSS^r sr^s >nd under theGr«t N orthem

am. M.™ e ttm receD t — - » In the ta.t year * m ■ ab^rbiag ilOLOOO cuzre* ye«. SSFlSS “ " ^ Ml- I— £ Si 5 ffSStmSSS. ttSS? *“ M ""

oromere, wnose ramuy ftf- — • ** ^ ~ January 1982. whose offices are

dominates the company's equity. lul- - in Pittsburch Pa has heen

Mr Martin Arnold left his posi- The ahi^o exchange ratio formed by Rnberoid BalldlS

Groveben Second half setback at Hanger ggcJ ljg Somportex asset sale

Calls for FOR THE year ended December £2. 15m (£L33m) and was after down from 80,000 to around bSSii^d proTOrtydlvetoSr a A ^SSdi^ Cha J? n

_______ 31 1981 Hanger Investments, depredation of £9.35m (£8 J.7m), 45,000 in two years— was a prime uttie^chaneed^at ELRRm f . ^3l e effect on toe ^oup will

Af\ AAA Ford and Vauxball main dealer, and financing charges of £4_39m factor in Hanger Investments’ Ho J dl “ 85 ’ .J 1 * 5 t °. Robinski be toe dimmatlon of too sector

& / Ty.UuU turned in taxable profits of (£4.96m). Interest chares were failure to build on toe small o£ adverse wather ^ ®S*9 n “S ! JS2S JJLJS

' £155,000, compared with losses down slightly at £1.33m, against profit recovery at midway. In toe last Deramber and Januarv thr equipment troyed to produce trading losses

GROVEBELL, THE small garage of £582.000 previously, and £L51m. M^hiy competitive caT market a ^ will now cease and proved a drain on finance.

with an adjusted S.67p.

For the six months ended
December 31 1981 the pre-tax
figure -was £189,000 (£232,000)
from turnover, of this house-
building and property developer,
little changed at £258m
(£2.53m).

Somportex asset sale

Andrew Buchanan and Sons, purchaser before July.

eloper, a subsidiary of Somportex The effect on toe group will exported wort d-wide
£258ni Holdings, has sold to Robinski be the elimination of the sector
and Co its outstanding stock of its business, which has con-

The new venture is the result
of successful co-operation by the
two companies in the UK, where
the Hyload range of high pep
formance building products has
been manufactured and

_ __ _ , ■ T" a W 'O VA Vf I I 11 1 I W f. 1 1 MU 1 WW

Because of adverse weather | and certain plant, equipment tinyed to produce trading losses

Cr - rnAarnhOT 1 nnn lOfln nm the I .i ? _v . v. "H « « « ■ <■-

and confirming group, is raising directors are paying a OJp davi- There was no tax figure for the margins remained under heavy b^crfSrerast ramDtetions^ow tr tShinan wMnh made » in«
£749,000 in a one-for-on* rights dend— last year’s interim and year SSwi wwfTraedit of pressure during toe year and fS to f toT!ast^So morntos ^ JSn

issue of 15.76m 5p toarea at par. final were both omitted. SmTittonrand Stef S. leasing was the only bri^xt spot

radSeBd? el? 16 Shar6S WCre £1 ’ 000 the fi ^ ure extraordinary credit of £38,000 toSre fefberaminp add the company is charges, will receive approxi-

second made ^ 1316 second half - && *W« (uil), toe available balance was confident that profits from house- mat3y £33,000 for the plant,

- ^^ 1SS1 ^ ia,e if roiips ^^ COn - <J was agatost a loss amounting to behind at £193,000, against naore cut-fiircat but wito the vep' building will compare favourably eouipment and vehicles. ^

“ 18 £088.000 for toe second six £466,000. high overheads on the truck side ^to toose of lSt time. ^estockhj bera sold at

intended to reduce bonownazs. -iqco ^ reennn betoe reduced, etoud borrow- ^ ... * ne nas oeeu soia at

tinyed to produce trading losses SHARE STAKES

and proved a drain on finance. Jesse! Toynbee— Kuwait lo-

So far as the current year is vestment Office holds an interest

There was no texJgurefor toe her of forecast completions now Buchanan, which made a loss com^ned to^ sale is tikely te in unW Sdlw sh^s

year compared witoa credit of w »toe 8 only briSHt sSl last ^ months of of *89,300 in 1980^1 before con- result to a final balance sheet (858 per cent),

£L P 5m _ last tune, ^mad ^after ^an nSrifA? r enSln^ S the l^l/^ year.; lu any event tribution to central .management write _down of not more than » UKO International— Consult

■„_, . „ ... „ • .r" — .-rr T^o vcVmHq m ari-o» »m«inc Ho. j muuuuu remrai managemezn wnw c

Qp^^ 000 ^? 1 . 8 n^sed^Sd febSi.inv ^ey add _ toat the company is I charges, _ will receive approxi- £50,000.

to -less tamn 18 months, is ^9000 for toe Tecondtix Mfttooo ’ high overheads on the truck side

— " t &0 ^ *" b b -W ££* U S2 n St,43:" P »d ,,0 K «‘«B™VIS.S1S Z7VJSS g'/SS °l=. S. Greenfield,

2dv Shev stood at‘C7m^ of ^ wSSh Turnover for the full 12 (“H) *«• “* SSreS rat^^lSer mav n^w t ^ ne ° ut 5* JJ1S5 00 ^11,000) between £25,000 and £35,000 the board expects a return to director, sold 100,000 ordinary

SSta "SSrSm. totaS montos went toead from CT9.7m *nwn li»p 16.31 P loss). ggg teSLSBS SZ.*"** of ^’P 00 tWW- dependent upon sales by the profitability to too next year. shares,.’

write down of not more than v UKO International— Consult

£50,000. International and its subsidiaries

Current group trading in the have disposed of 125,000 shares,
second half is continuing below Holding now 1,215,000 shares

ito those of last time. The stock has been sold at budget and the year’s operations (8.64 per cent).

Net profits for the six months or near cost plus an amount may result in a loss. However, Greenfields — ■'

be able to coast along until con- ,

• comment JEf S, TS

A sharp decline in commercial dends the shares yesterday put

Results due next week

n.6m were adrantes to finance montos_ went ahead from £7.9.7m ■muwiwp*). able to rani after tax of £79.000 (£121,000). I dependent upon sales by the profitability in too next year. shares,/

stock. Interest charges last year StaSGW?? 1 • comment ditiwis improve. With a small, ' ' ' • "

amounted to £347,000, compared * COmmenT but welcome, return to divi- ma ■ u ■

to £536.000 in 1980. ^ f A sharp decline In commercial dends the shares yesterday pat IrACRHlfc nil A HOYT WOPh

Grovebell returned to profit ve “ icle lease rentals. truck sales — reflecting toe on 2p to 28Jp, yielding 2.6 per llllv 1 1 fL vTvvIt

to 1981, making £64,000 before Trading surplus amounted to national trend to registrations, cent

tax compared with a loss of Reckltt and Column sprang from future uncertainties which busy expanding the other Insurance groups found the

£615,000, and the chairman, Mr , ■_ -wt •m -m ahead in the first half of 1981, have developed on both the businesses, particularly the pro- going heavy to 1981 Under-

V. J. Advani, said toe improve- Vnf llO n \x f Al* V/ AllAilO I ■ with pre-tax profits of £M Tm militaiy side, toe major sector perty portfolio.. There have writing losses are anticipated to

ment was continuing. . ' IIHI K I Oi i I I irfirilrT nearly 28 per cent ahead of toe of the group business, and the beep some major completions rise fourfold to £38m, wito most

No dividend was paid because ^vl'MetVJA r vl v ”o l,Mrl previous year. The improve- civil aircraft side. and sales but the benefits of toe overseas operations recording

there was still a £0.5m deficit on nient was largely a function of Profits 0 f Babcock inter- current programme are more heavy losses out of all oroDor

Hhe profit and toss account. THE HOPED jfor ctimWiack to tumes to be intense, not only on witioiut further recourse to group rationalisation in toe UK, rince naSSlhave beradecti nine tor likely to be seen in 1983. The tion to their contrSution to toe

Dividends on toe £179,000 of 9 profit at Yooghal Carpet (Hold- price® but also in service -and rapport. The company, however, ^« re tittle enough help nreUmfnarv tioMflay business has been ex- overil business. The UK

per cent cumulative preference togs) was seriously set back by distribution, they state. was not successful in its trading volume increases. Septem- JS3*. SSl SieonwS P aoded «> d this week Lad- account should hsrelvhiwfc

shares have not been paid since the economic depression in afll In order to adjust to conttiming to-date and during February Last berti intenm statement set out nesday t0 confirm br oke announced its first foray even, because of the adverse

Match 19S0. markets and tor 1981 this Cork- lower demand levels, toe group applied under Dutch commercial f me fairly strong assumpttoM gat tS uSd roSS «• us - travel business. wcather T nSeiXr

The issue has been under- based carpet maker incurred tax- says it baa no alternative but to law for suspension of payments. t0 Smde forecasts of the full- Estimates of ore-tax profit range Habitat Mothercare will be investment income ‘should .show

vemcie lease rmsis. truck sales— reflecting toe on 2p to 28ip, yielding 2.6 per li^SP UUv MvA l ft ffm

Trading surplus amounted to national trend in registrations, cent

Reckltt and Colrzun sprang from future uncertainties which busy expanding the other Insurance groups found the
.■* *■ *» w-a , ahead in the first half of 1981, have developed on both the businesses, particularly the pro- going heavy In 1981. Under-

W A^lin A ly T/Vl* w AlllTrl A I o with pre-tax profits of £29.ta militaiy side, the major sector perty portfolio. There have writing losses are anticipated to

*• OciDd-LK I fir If illiy fl rfi I I rilPT nearly 28 per cent ahead of the of the group business, and the been some major completions rise fourfold to £38m, witomo'rt

k^V^MMVJA. AVI -M. VU^Uttl previous year. The improve- civil aircraft side. and sales but the benefits of toe overseas operation/ reSnSng

THE HOPED .for 0UoM»0k to. tiiuies to be intense, not only on witiKHit further recourse to group rationalisation to toe UK, rince ^^2? havi b^Sdintogtor bewSia 19S3. . SJTto^SieS contrSuSm^ttle

Company, Which has a 45 per at current rates), although these both spinning and weaving. and one «

cent stake. If it -was obliged to were much tower than the The first quarter of toe current viability,
take up all the shares to toe previous L£2.54m. year indicates bow serious toe Yougte

issue, its interest would rise to Turnover for the year was deterioration to toe market to make
73 per cent down from ' £69. 85m to £63. 63m situation is, directors soy, and to £2J2m,

issue, Its interest would rise to
73 per cent

AT ■ arrordinzlv m-nfertpri nmfitc in ‘ uuuuu txxiu c«m- \ tepwuug ■ mdiuil :> lasL muo « jiuup uy a coiro 10 ill aim,

^ge examining toe company’s Sfi* 1 ™ Q * l £S- 2m J* st J*** “ d ^Monday and the boosted by six months interest

r. „ mrln 1t before tax (against £53. 2m in ^ 2m 111 1 ^ 7 ®- Th e UK cou- interim profits are expected to on the rights issue proceeds.

Yougbal has deemed it prudent imri v struction and mi n i n g equipment please. Analysts ore dipt nre-ta* This shonld ipaw mv-tar nn»fits

The - shares are offered to and trading profit,?

‘unless there is an upturn of

holders registered April 13. An amounted to £2 .22m (£912,000) consequence, 1982 wfil not see a in toe subsidiary, the closure br0 ^ e
• EGM to approve an increase In were before interest changes of retfSucm to profits notwithstanding costs <*f one of the group’s Irish p £°“~

authorised capital is to be held £2.6m,_ against £3.34m.

on April 19. Final date for
acceptances is May 10.

Again there is no dividend, toe

the measures being taken."

The Dutch subsidiary.

^After^ figure Which is advance as "that of the preceding i 0penillgs °’ er the UK, despite toe weather.

profits are therefore not i°8.. from the severe downturn trendy home furnishings group writing losses to £14m. arising

expected to show as rapid an m the aa , “ e is benefiting from a spate of from a strong improvement In

■fldy.inei* a® that, nf +Ha nrprmiinp power i«ant side appears store openings over the oast the UK. desnitp th« weather.

Brokers to the issue are Capet- 1977.

last payraent_bemg 2.045p foi KouinfeHjke Vereexngde Tajfijt- represented

fabrieken (KVT), which has items ,toe attributahOe result for I g.u nou ncement is

Cure, Myers.

The directors say' the year separate bank facilities to those toe year la a £2.81m loss T H^? da ^ 1 per cent and a cut in the final current noenTn^r^Tctc™ wahito*

«=««£ aafAWJs ssw*-—” 1 — assaftsaSS BtHiCs

/ company forecast that the full- +„ ®J ereeas 10SSe8 a S auLSt customers are among those less added, net profits should Jump

V T T" 11 ■ 1 i •' 1 •( HkT _ 1 "§ T 1 voar trtfol r^iTO not ran TiToc/Tan UX\. ulX Ca» 3fFp(*f^.rt hv uri^Acnraorl finAm hu nnn a. ortf^

on 5 00k running into 1984, The more established and their pro- life business continues to SO
depressed shares yield over 10 fits are better able to outstrip from strength to strength with

. n*»r w»nt and a nit in th» -final . ■*_

Eucalyptus

pick-up

been forecast Competition con- obliged to trade within these as 2.5p (7p).

Wellman Eng. rationalises Noble & Lund

~ m ‘MT Wellman Engineering Cor- payable as to approximately Iracpc 4Rt

ALTHOUGH second half profits po ration, the thermal and £300,000 immediately with toe

of Eucalyptus Pulp Mill were mechanical engineer, has com- balance payable in three equal AT/ri x OUGH . . Mf they now range around of Lad

higher at £ 1.09m, pre-tax. against pieted an agreement for the instalments after 45, 51 and 57! ^ »L r /

£835,107 last time, the figure for rationalisation of the high alloy months. engmeer and £70™ fo ^? S1 # JS£ c * 0 Sf* J

toe whole of 19SI finished behind static sector-of the steel castings

year total, due out on Tuesday, Ulv xaxes ‘ affected by widespread unem- by one-quarter to £2$m.

would be slightly higher than With the betting shops ployment The full year will Shareholders in both com-

the £65m seen at the time of cpippled by the virtual elimi- bring in five months of Mother- • panies can expect useful ‘ divi-
the offer for sale in February nation of the December sporting care and it is uncertain how dend increases, with at least 17p,
1990. Since then analysts have programme, analysts have been these figures will be consoli- up 13 percent, from GRE and'
edged the prediction ahead downgrading their estimations dated. Lumping together full- a minimum lip from L and G,
until they now range around of Lad broke’s results for toe year expectations for both up 22 per cent
mm for 1981 a,™ up to W to « Itailj. « looking for 0tho7jompante.mporting.foll

from £3.52m to £3 .42m.

The dividend is maintained.

industry. by means of a levy fin

The agreement involves 16 foundries ■ remaining

Glynwed and Freemans (Mon*

»iS?rjsa. I B i jE SsSszh s ®

Turnover for toe year together account for some 95 per available through the Secretary again# profits of £8^020, on ton- high of 35ip to i74p, arises tax ua i90u,. LaaoroKe has been expected to confirm that UK Grattan and Bridon (Thursday).
*— — * J 6 - - — - - T* . „ over down fro m£1.70m to £L57m.

amounted to £l7J)9m, compared cent of the UK production of of State for Industry.

No dividend will be paid for

Company

Announce-

ment

due

After a tax chaige of £20,661 b D j!^T.. - Tuesday

£151,933 (£169^65) and a

£107.579 (£532,474) transfer to
non-distrlbutable reserves.

with £I5.35m, and profits were high- alloy- static castings. In the year ended March 31 w Q dividend he ^id fDr Company ment

subject to a tax charge, higher Under the terms of the agree- 1981 the subsidiary generated a ■togi 79^) duo

at £L43m (£1^5m). ment, Wellman Alloys, a wholly- trading profit, after Interest, of ' rmal dividends

Distributable earnings came owned subsidiary, is to. discon- £4,000 and bad net assets at After a tax charge of £20,661 *n BJ *ca n Traat - Tuesday 0.7

out ahead at £L73m (£1.57m) tinue with four 'of ‘the 16 March 31 of about £500,000. The (£92.499 credit), the net loss was AnvW Petroleum - Monday —

after minority interest of foundries, its static casting parent company proposes to . £56,142, compared with net Appieyafd Group trf Companies Monday —

£151,933 (£169^65) and a activities. invest the funds released in profits of £174,519. This gives a fi

£107.579 (£532,474) transfer to The .subsidiary is to receive more profitable business in the stated loss per lOp share of ST I'" Tuesday^ o.b

non-dlstributable reserves. . compensation totalling £471,000 UK and overseas. 0^8p (earnings of 3.06p). Boofcer MaConiMw"!! Tuaaday 1 ji

- Bowthorpo HoWinos - W«drv 8 aday ia«

r ‘ ^ ^ Bridon Thursday 2 a

Comtech slide continues in second quarter §SS=^ei= S* =-

* Bund Wodnmdoy 4.21

; ■ - : ■, J . .. Oe«oe hduatdaa Tuasday * 3.9

with A net deficit of £801,000 up«at5iig profits resulted ' in nonsequens redneefl lewis of cobl wtieo TrtcentroJ demerged its cacpn> imamaeonri thuiaday —

in toe second quarter. Combined £860,000 for the automotive sumer demand. Automotive hod-olI infferests. 5STJ21 yy ed ? e3dB y H

Technologies 4 Corporation in- di virion, £58,000 from, trading, activities are redativdy buoty^ The activities of Conrtedi are ' 2*7

iSd a net loss of n^SmiD £164,000 frem cpntrri w**os. in' atrafftiwi^qmet tnrttoj dEJZEE? 2.7

toe six motttos to December SI and £274,000 from other period, bat all sectors of tons (avnsi on an a a product develop- twnp Forging Monday . 2^3

-loci Tts tradsnn activalies, Jiow- ’ activities; . business are afaowinc saitisfac- ipg aivarion. Tne commercial cunk>a Heed — Wednesday* 0.2*

Dividend fp) #

Last year This year

Company

Comtech slide continues in second quarter

Thursday ’ 2^

Tuesday —

Wednesday o.S
Thursday —

Tuesday

Thunday

toe six months to December SI and. £274,000 from other period, bat
198L Its trading activities, how- • activities; / business ar

ever Show an operating profit of Interest charges -for toe rix tony results.
£533^000 for the second quarter months were £LI6m and, re- perais

bat all sectors of tons
are showing satisfao-

irv results. division includes 12 oar and Donda Hofeftwa wedn«dAy

, TjuujJ ^ rc track dealerships, a wholesale Oroamtand BwarJeri Appliances Tuesday

Tb_e perastent low levri^of re- ha^tware business, builders'

ami £1.36m for toe half-year. sean * devetopm^t coas retadi continues to de- ajrf^Sel SSS ? n4an ,John} im

for tie six mortis •S.’P'ftf “?5JS flX,’ S55f ^

was £85.74m, wrto £43^1m The directors say that invest- division is engaged in the de- Gampun H«M>n#s rieSiy

miftrter. - ■ ^ y rationaHsaaiOO costs. dm. manu&ctut>> and market^ Gmtun Thursdai

* ■ m^rn mja « avow |#v* o m u w i»

was £85.74m, wrto The director say tbart tovest-

coraing in toe se cond quarter, i n product development

Ifce airiomotive dlvirion con- activities, correatiy

sign, manufacture and marketing j Gntun

Thursday

The automotive ilvisloB cm- SSaoa Sburtties." cmieaay m other lea wles. the rt eoerBy^eocy prochrax. “

tributed £51^2m to toe half- centred on toe information builders’ merchant business is Tte directors sa-y that detailed horizon tm«i itonSS 0.8

year turnover, wito tramflg storage and retrieval vsature, mar ginally profitable, wmen, segoteuons continue in respect kouu Propsny company of London ... Tuesday in

activities' share coming oat at continues in accordance with toe they say. Js perhaps satisfactory of toe merging <rf toe trading ftwoek Jojinwo Friday t.s

£20.43m. Control systems pro- company’s stated poifcy. in current trading conditions, fflteregts TmtoKrafey Hardware; ° inAa ^ , 2’Jf

vided £ 2 Jr 9 tu and other activities The commercial ffivisiohls Travel “i i ? ] ^ [ I [ ; ; 1 gKj’ adfl * I?

£] ^ xcsoffts are. jn general, still tsons are at toedr se^oari laws. aaiMuiicfsneoc w«l be made Kieinwoit Benson. Lonadide - Tuesday 3.0

Home Co*«BM Nawepepar* Tuesday

T he d irectors say toat detailed Uartzon T mmi Mwtey

0.7

1.4

0.7

—

_

—

—

OjI

2 JB

6.2

2.8

3.4

3^

' 3.4

O.ffi

0.9

0.8

1-25

1.876

1.S75

1.383

1.576

1.321

2.3

1J2

1-2

— -

—

3.0

0.86

2.81

ote .

“■

—

4.21

3.02

4.5

3.9

7.3

3A

—

_

1A

2.6

145

1.75

2.75

1-925

1.5

1.6

1.5

2.7

3.0

2.7

2^38

1.5

15

0.25
a 1

0.25

0JS -

4 . 1 ■

0.35

0.85

0.35

0.315

1AS5

0.315

1.5

2.5

3.0

1.7

XO

1.9

2.45

4^

2.45

1.6

3.0

1.5

■1.6W

22S

1.88B

6.0

9.5

8.75

1.75

4.75

1.73

0.83333 2.842

1.16

1.0

33 .

1,5

1.5

3.0 .

We Shipping

Rfickltt and Coimm I!"!""

Shwrw Warn

SiHkolone Lubdosmt

^jinax-Saico EnpinawCno

Wtf r Group

Announea-

Dividend Ip)* . .

rmnt

. Uetyoar

Thl» y« ..

duo

int.

Finer

Int .. s

Tuesday

1.16

2.91

1.15

Wednesday

3.0

«,0

4.0 : -V

Monday

5.0

9.5

5.0 • ,

Friday

3.15

5.158Z5 45 •

Wednesday

o;e

- 1.5

0.6 -..j

Wednesday

2.2

5.606

22 '

Friday

1.75

: 3.05

r .75 - -

Tuesday

0.53

0.615

0.33 .

Tuesday

3.5

5.0

3.9

Friday

\A

2.0891

1.4-

Wednesday

UB

3.95

1.05‘ •

Tuesday

1.7

2.7

1.7 . ..

Tuesday

12.0

20.5

13.8 . . ■ ; A

Friday

05

Wednesday

_

o.r - '

Tuaeday

«

-‘3.25

2.5

A breakdown of htitt-year suffering from toe recession and Comtedi .was formed last year shortly:

LKttxalw Group Thursday

1- B2 5.16667 2.496

10 3.0 1.0

2- 5 2.7S 2.73

3.0 6.0 3.0

3- Z773 3^47875 3.60S .

INTERIM DIVIDENDS _

:: SSB^ S 3 li •

j-ga) - \h %

Thursday . 0.5 3n

%£s**- ft ’i?

PW'^dno Group TUSoy o 9 MM i’Smb:

ELKS* <-08» . 6.9836

Park Pteea Inuuinwms WMnMtlsy ?* ^

INTBtlR^ FIGURES

CSWrtsrtwM ... TuMdaw

Edlnbwwi SrouMs. ; “

Town Contra Srouiftfea PrSTy ' -

wip ^22!^ •» wiy

raw. 1 maim 4 wpecM norr-racufi 4 n« dMdond of 7,0#.

■?V-

Financial Tim es Saturday March 27 1982

SUMMARY OF THE WEEK’S COMPANY

Arnold

'une

Take-over kids and deals

*««««* discussions which may lead to an
offer for the 36.4 per cent outstandin g shares in the eroun’s
separately quoted subsidiary .PearsonlWinan wShsTfa nZ?££

three d an?\ ^ *** initiative comes about

*” d 5 baifyears after a previous bid from S. Pearson
failed to win sufficient support from the outside holders.

?«* on * nftte leading UK money brokers,
.acquired Charles Fobon, a private broking concern, for £ 6 . 5 m

TrOSt C3ae « d « l its commodity broking

Stoto aEr ®^ ne ” t ,ob «ya leading Chicago dealer"

Sn a tfc ro Trading, for a maximum consideration of 313m.

*«rt L S fc ^ e, ^ e J efenre group, entered into a con-

tractto buy 50 per cent of BPF Travel, a U.S.-based navel

SK d ‘ SC,0SKl - bBt ^ ■*-<* * "M

D. M. Lancaster, the Club 1^30 holiday group, received an

rvSSriS? oh^vL may l ° an otter for the com !»ny. Mr John
Goldring, chairman of Lancaster, said that the prospective bidder

|2? 111 leisure field. but its identity would not be
revealed for another four or five days.

PRELIMINARY RESULTS

Company

Year Pre-tax profit Earnings* Dividends*
to (£000) per share <p)

Arnriihe Hldgs.

Ort

496

(4S4)

8.S

(8.0)

2.66

(2.66)

Aaf ornate d Secrty.

Npv

£350

(1A90J

12.0

(9.7)

1.45

11.2)

Baoro CnsldKL

Dec ,

726

(901)

7.6

(7.7)

3.3

(3.0)

BBA Group

Dec

3.560

(850)

1.5

(— )

1.74

(1.74)

Beatson Clark

Dec

2.340

(1.250)

2S.9

(19.2)

S.5

(7.0)

Bern rose Corpn.

Jan

2.370

(33S)

19.2

(2J2)

4.0

tl-5)

Berwick Timpo

Dec

467L

(1.080)

—

(21.1)

£0

(6.0)

Best obeli .

Dec

8.470

(7.720)

2S.1

133.9)

13.0

(12.25)

BICC

Dec

101.900

(74,6001

25.2

(23.1)

10.37 (9.43)

Brent Chemicals

Dec ■

3,620

(2,820)

€.1

(5.1)

£3

(2.0i

BSR

Jan

4,470

( 17,660 )L 3.4

1— )

1.0

(—1

Cambridge Elect

Dec

5,900

(630)

10.1

(&5)

4.0

(— )

Cattle’s Hldgs.

Dec

802

(235)t

: 2.5

(0.4)3 1.0

(0.2)3

Church & Co.

Dec

1.560

(1.960)

20.2

128.6)

8.5

(S.0)

Clay (Richard)

Jan

954JL

(581)

—

(7.9)

1.0

(3.0)

Clifford’s Dairies

Dec

3.300

(2,160)

20.1

(22.0)

5.0

t4.0)

Consultants Com.

Dec

100

(83)

11.0

(105)

—

(— )‘

DRG

Dec

15,500

(18,000)

7.2

(9.6)

6.0

(6.0)

Company

Ocean Transport
Oliver (George)
Prudential
Queens Moat Use.
Re I yon PBWS
Rockware
Roiorh

Slough Estates
Smith oc Nephew
Stinirrel Horn
To ana tin Dstlrs-
Tricentrol
Utd. Newspapers
Vickers

Waterford Glass
Walmoughs
Williams & Janies
Willis Faber
Woodward (H.)

l’eates (V. S.)
York Mat. Group

Year Pre-tax profit Earnings* Dividends*
to • (£000) per share ip)

Dec 33.400 (35.500) 135 (2K5) 9.0 (9.01

Dec 1.310 (1.180) 18.1 (is.4) 5.2 (4.4)

Dec 43,200 (42.500) 14.5 (145) 125 (U.0)

Dec IJD30 (P70) 2.5 (3.0) 1.1 (0.78)

Dec 1 .S 00 (1.450) 11.0 (14.7) 555 (45)

■ Dec 900 t-170) 2.6 (05) 2.1 ■ (2.1)

Dec 2.840 (2.750) 6.8 (9.1) 2.45 (25)

Dec 13.470 (11.430) S-S (7.1) 3.33 (2.76)

Jan 29.130 (24.320) 9.0 (&8) 4.0 (3.5)

Dec 460 (244) 55 ( 6 - 0 ) L 81 (156)

Dec 2570L (1.360)L — (— > — (0-1)

Dec 45.140a (41.090)a 23.7 (315) 8.4 (8.4)

Dec 3.640 (4>i0l 14.8 (205) 12.0 (125)

Dec 24.800 (28.600) 22.7 (S4.S) 12.0 (12.0)

Dec 10560H (8.050)7 4.1 (3.0) 1.51 (151)

Dec 1,530 (1.720) 22.1 (26.7) 5.45 (555)

Dec ■ SL (46)L — (— ) 2.41 (2.41)

Dec 27.IS0 (19570) 32.3 (23.9) 15.0 (12.0)

Sept 181 (278) 7.S (13.7) 25 (25)

Oct 827 (1.270) 3S.2 (5 ZSi 10.16(9.17)
Dee 265 (89 ) 29.3 (2.1) 2.1 (— >

INTERIM STATEMENTS

Value of Price Value

Company bid per Market before of bid

tad for share** price** bid £mV *

Pricas «n pane* unless otherwise indicated.

Bidder

Asoc. Comm. *.v 68*
Assoc. Comma ‘A* 90*
Assoc. Comma. ‘A* 110*
Capscais 50*5

CCP North Sea 1945
•CCP North Sea 206§
. Ests. & Gen. In vs. Si
Federated Land 1565
Giant Bras.44 190=
•Heron Motor Grp. 34*5
Nona and Electrl. 5755
Speedwell Gear
Case 35*

Tunnel Hldgs. 5511
Wood Hall Trust 215*

«s* loo
no* 100
110 * 100
50*5 50
19455 190
206§5 390
81 65 -
1565 SS 146
190= 1S6
34*5 32
5755 55

52f t 35.8 Bell Group

52tT 46.13 Hero n Corp.

52tt 59.70 TVW Enterprises
45 2.43 Sonoco

145tt 15.21 Charterhouse Pei.
145 t 7 16.15 Tricentral

58 14.71 Federated Land

193 14.46 Kent fM. P.)

179 2-28 Jadepoint

23 433 Heron Corp.

■iltf 5.13 Henderson (P. C.)

2 3 14 .40 Astra Ind.

565 126.2 RTZ

156 52.74 Elders CEL

Eagle Star
Ests. & General
Exeter Bldgn.
Fairciongh Cons.
Fife Indtnar
Finlay Packng.
Firmin & Sons
Fried land Doggart
Canon Engn.
Hpwrth. Ceramic
Hewitt (J.)

Jones & Shipman
Laing Props.

Lane (Percy)
LASMO

73300 (65.900) 27.3
914 (S17) 4.2

938 ( 725 ) 36.2

13.450 (10,275 ) 21.8

15.0 110.5)
1.75 (1.55)

6.5 (4.2S)

5.5 (4.5)

773

(503)

25.4

(16.4)

6.0

(4.0)

815

(429)

4.9

(3.5)

2.25

(1.5)

430

(334)

8.1

(9.6)

4.0

(3.5)

1,470

(821)

13.4

(18.9)

5.1

(4.72)

334L

(125)

—

(3.2)

—

(4.15)

24.150

(22290)

10.0

(10.2)

525

(5J25)

374

(612)

14.2

(19.2)

1.95

(1.8)

638

(1150)

5.8

(11.6)

1.8

(3.6)

8.700

(7.000)

8.8

(7.2)

4.45

(3.75)

S33

(685)

.7.4

(8.8)

3.Q

(£5)

Scrip Issues

Exeter Building and Construction Group— One for three.
Percy Lane Group— One for two.

Relyon PBWS— One for five.

113 *00 (47,300 ) 55.2 (30.0) 10.0 (— )

Rights Issues

» AH cash offer t Cash aiternaaive. J Partial bid. 5 For capital
not already hrid ** Based on March 28 1982. ft At suspension,
it Estimated. §S Stores and cash. ? II Unconditional

Progress at Newman-Tonks

Lnda. & Mnehslr.

Dec

2.875 ji

(3.037)11 12.5

(12.1)

112

(10.5)

Leyland Paint

Dec

422

(426)

22

(4.8)

1.5

(1.0)

Lyon & Lyon

Dec

354

(618)

92

(16.6)

6.0

(6.0)

Wanders Hldgs.

Dec

4.020

(3.380)

15-6

(13.6)

5.4

14.8)

Matthews (Bnrd.)

Jan

1,620

(4.750)

11.8

(34.6)

4.3S

(4.38)

Metal Closures

Dec

6.120

(5.510)

182

(16.9)

5.7

T5-4)

Midland Bank

Dec

232200 (231.800) 115.3 (102.7)

24.0

(21.5)

Mixctm crete

Dec

50

(1.600)

1.9

(9.3)

4.05

(4.05)

Montford Knit

Dec

710L

(3SS)L

(3.4)

1.0

(£0)

Morgan Grenfell

Dee

lO.OSOf

(7210 a

29 .8

(23.8)

5.6

(4.67)

Albert Fisher Group— One for two rights issue at 20p per share tn
raise £3S5.000.

Bank Leumi (UK) — Is raising £2.Sm by way of a one for two rights
issue at 170p per share.

Queens Moat Houses— Is raising £l5.082m by' way of^rights issues
of 4L6m ordinary shares on the basis of nine for ten at 27 p
each and £3.S5m in convertible loan stock.

Riley Leisure — Is raising £3.3l2m by way of a rights issue on the
basis of one for Two at 9Sp per share.

Vickers— One for four rights issue at 133p per share to raise £23.3m.

AN INCREASE of £43SjOQO to
£955,000 In pre-tax profits’ is
reported by Newman-Tonks
Group for the half-year to
January 31 1982. Turnover of
this metal hardware maanfac-
threr improved from £16j£lm to
£19.66m. The interim dividend
is unchanged at L6Sj>— Inst year's
total was 5-lp-

The directors say that current
trading shows a similar pattern
emerging for the second hail
which should be reflected in the
company’s results, although they
do not anticipate the same degree
of seasonal bias towards tbe

second half as the company
experienced last year.

Rationalisation and tighter
control continues; to strengthen
its balance sheet, and the com-
pany is in a strong position to
expand its activities both by new
capita] investment and by
acquisition.

The board is currently review-
ing a number of possibilities
which could make useful addi-
tions to die scope of nts activities.

They say that although there
can be no certainty that the tenta-
tive recovery that it is experienc-
ing wiB last in the long-term, the

BASE LENDING RATES

AJ.N. Bank ! 13 %

Allied Irish Bank 13 %

American Express Bk. 13 %

Amro Bank 13 %

Henry Ansbacher 13 %

Arbuthnot Latham ... 13 %
Associates Cap. Corp. T3 %

Banco de Bilbao 13 %

BCCl 13 %

Bank Hapaolim BM ... 13 %
Bank Leunri (UK) pic 13 %

Bank of Cyprus IS %

Bank Street Sec. Ltd:' 14 %

Bank of N.S.W. 13 %

Basque Beige Ltd. ... 13 %
Banque du Rhone et de

la Tamise SA. 13{<fi

Barclays Bank 13 %

Beneficial Tnist Ltrf. ... 14 %
Bremar Holdings Ltd. 14 %
BriL Bank of Mid. East 13 %

I Brown Shi pley 13 %

Canada Perm*! Trust... 14 %
Castle Court Trust Ltd. 12)%
Cavendish GlyTsiLtd. 15}%

Cayzer Ltd 13} %

Cedar HoWings 13 %

I Charterhouse Japhet... 13 %

Choulartons 14 %

Citibank Savings ...,..*122%

Clydesdale Bank 13 %

C. E. Coates - 14 %

Consolidated Credits... 13}%

Co-operative Bank *13 %

Corinthian Secs 13 %

The Cyprus Popular Bk. 13 %

Duncan Lawrie : 13 %

Eagil Trust 13 %

E.T. Trust 13: l %

Exeter Trust Ltd 14 %

First Nat. Fin. Corp ... 16)%
First Nat. Secs. Ltd.... 15'%
Robert Fraser 14 %

Grindlays Bank $13 %

■ Guinness Mahon 13 %

■ Hambros Bank 13 %

Heritable & Gen. Trust 13 %

■ Hill Samuel 513 %

C. Hoare & Co. *13 %

Hongkong & Shanghai 13 %
Kingsnorth Trust Ltd. 14 %
Knowsley & Co. Ltd. ... 135%

Lloyds Bank IS %

Mall inhail Limited ... 13 %
Edward Mattson & Co. 14 %
Midland Bank 13 %

■ Samuel Montagu. 13 %

■ Morgan Grenfell 13 %

National Westminster 13 %
Norwich General Trust 13 %

P. S. Refson & Co 13 %

Roxburghe Guarantee 1S;%

E. S. Schwab 13 %

Slavenburg’s Bank ... 13 %
Standard Chartered ...>113 %

Trade Dev. Bank 13 %

Trustee Savings Bank 13 %

TCB Ltd 13 %

United Bank of Kuwait 13 %
WhiteawBy Laidlaw ... 13}%

Williams A' Glyn's 13 %

Wintrust Secs. Ltd. ... To %
Yorkshire Bank 13 %

■ Members at the Accepting Houses
Committee.

* 7-day • deposit 10%. 1 -month

10.25%. Short term £8000/12
month 12.6%.

t 7-day deposits on sums of: under
CIO, 000 KR.%. C10.DC0 up to

£50.000 11%. £50.000 and over
11«,%.

t Call deposits Cl. 000 and over
10%.

U 21-day deposits Over £1.000 11 Vi.

§ Demand deposits 10V~.

t Mortgage base ram.

M. J. H. Nightingale & Co. Limited

17/28 Lovet Lane London EC3R 8EB Telephone 01-621 1212

1981-82
Htgli Low

129 100

.75 62

51 33

206 167
107 ISP
10* 63

131 97

83 39

78 *6

102 93

ICS 100
it: sm

130 10S
33* 248

64 SI
2 22 159
15 10

103 73

263 212

Company

Ass. Bnt. Ind. CUL5 ..
Alraprung

Arm Flags & Rhodes. .

Bar don Hill

CCL 11 pc Conv. Prol —

Dehorn h Services

Frink Horsall --

Frederick Porker

Gooiqc Blair -

Ind Ptecision Castings

Isis Conv Prct

Jackson Group

James BUrrough

Robert Jenkins^ ■■■■•—

Scrultnns " * "

Torduy 4 Carlisle

Twinlock Ord . ...

Twmlock IGpc ULS . ...
Unilock Holdings

Walter Alesonder

vy. g Yeews

Puces now available

Gross Yield

Price Change div.(p) %

P/E.

Fully
Actual taxed

129

—

10 0

7.B

—

— -

73

—

47

6.4

11.6

16.0

45

■MB

4.3

aa

3.8

a.5

IBS

- 2

97

49

9.6

11.7

107

15.7

14.7

—

—

63

_

60

8.5

3.1

5.9

126

- 1 .

6.4

5.1

11.4

23.3

7Bxd

6.4

8 2

4.0

7.6

- 1

—

—

—

—

97

7 J3

7.5

70

10.S

108

- 1

15.7

14.5

97

7.0

7.2

3 1

6.9

116

8.7

7.5

8.5

10.6

250

- 2

31.3

12.5

. 35

8.8

64

5.3

8.3

3.8

9.1

159

10.7

6.7

5.1

9.5

14

—

—

. —

—

15 0

18.9

—

—

23

30

12 0

4.5 .

. 76

79

6.4

8.1.

5.2

92

231

—

14.5

6.3

en

12.1

group is well-placed to take
advantage of an upturn in the
economy when it occurs, and
this should have an immediate
effect on profitability.

Tax for the half year was up
from £167.000 to £175,000. Slated
earnings per 25 p share rose from
1.88p to 4.16p.

Sanderson

recovery

continues

FOLLOWING a return to profits
in the second half of 1980/81,
Sanderson Murray and Eider
( Holdings ) , woolcomber , ma n-
made fibre processor, turned in
a taxable surplus of £30.000 for
the six months ended December
22 I SSI. against a previous
£22.000 loss.

ror the whole of the previous
year the company incurred a
£15.000 loss.

Sales amounted- to £ 2 . 5 2m
1 12.44ml and there was a trad-
ing profit of £2,000, compared
with a £50,000 loss. . Pre-tax
figure included investment
income, unchanged at £28,000.

E.B JLS.

SQCtETES REUNBES
D’ENERGIE DU BASS1N
DELESCAUT
SOCIETE ANON^TVIE

f I nmrportucd under lire Anre of
die Kingdom of Behttumi

NOTICE OF
EXTRAOR DINAR Y
GENERAL MEETING

H^icc ixheiebycivfii Jtut in Exbambmy
Gonenl Mcctimoi the Cammm will he hdd
do TumdTC. I3tfa Apnl. (9KL.ai 11 uuoitte
Kesmcred Office c* ihe Company
Mecbebesteemec 27]. Antwerp, Brtriiim.

BUSINESS

L Tn IrKTcate IbcAuihorvctl COflul ot chc
Cnntp*B>.

Z 1o Authorise an bwie «4«h»res fn-
Mih-i-rtpiion lw 'Jurebt-Wets — Pt»ce and
TertiKtci K‘ fivM.

3. To AuiK-ix .in bwi'4-Juucslne
suHcvgin.-’o N lhciijItotEBESaad
INTFRESCXUT - IVue rod Terms lot*
hnL

Note

Ho UcTsot share tOTTa a« HtmktJ and wirhins:
to Jttead i Y br lepresen ud M 1 be neetsiK
sbnikldcpONi.h> Wedanda>. T ll> April, 1982, .
either their sham *anams lobcjimra
csnincaie of rheu- bntdUjR nsued tliesr
Bmirrs ai Banooe Bclpc UaWcd. -.

4. Babapseale.Umui.ElC2MAD

feud whom further detaBhaudadcag i oacenb
to iheMeettot <utr svaSabte. '

N. Kalgurli surviyal calls for
rights and mine closure

BY KENNETH MARSTON, MINING EDITOR

ONLY • A few weeks after
Australia's Metal Exploration
won the battle to raise its stake
in the gold-producing North
Kalgarii from 20 per cent to 35
per cent, a rapid and serious
deterioration in the latter’s
finances has called for a AS2.6m
(£1.52m) rights issue. In addi-
tion. North Kalgurli'.s gold mine
at Fimiston in Western Australia
will" have to be mothballed.

North Kaiguri holders ere to
be offered 16 new shares at 30
cents fequal to about 17}p at
current exchange rates) for
every 100 shares held.

For each new share subscribed,
holders will be entitled to one
five-year option (to be issued at
1 cent) on a further share at
30 cents. Metals Ex is guarantee-
ing subscriptions of . AS9B5.45S.
including its own entitlement to
the issue. '

Following the latest news.
which confirms recent market
rumours, shares of North Kal-
gurli eased to 17p before closing
□nchanged at 19p, while those
of Metal Ex fell lp to I8p. The
latter were around 40p earlier
this year wheo the company was
bidding A$1.50. then equal to
89p. for shares in North
Kalgurli.

North Kalgurii said recently
that the half-year report could
not be issued owing to the lack
of accurate and adequate finan-
cial information. Metals Ex,
which is represented on tbe
board, supported a decision to
appoint an independent firm oi
chartered accountants to review
the situation.

The assessment of the latter.
Peat Marwick Mitchell, shows
that substantial losses have
continued since January and

trade creditors and liabilities
have now risen to AS3.4 ul Cash
in hand is put at A$lm.

North Kalgurli is also shown
as owing the Australian Re-
sources Development Bank
AS5.4m under a term loan
secured by a first mortgage
over the mine.

North Kalgurii says the fall
in the gold price is only partly
to blame for the deterioration
In its finances. More
importantly, there has been a
failure to achieve the planned
level - of production tonnages
and ore grades.

Mine mill and infrastructure
are all welt established but under-
ground development work has
not been sufficient to support
much higher production levels.
However, it is intended that the
mine will be reopened when
higher gold prices return.

H. J. Baldwin in dispute Soton IoW

DISPUTE between -Hartley directors during the above
kird and a subsidiary. H. J. period," says the accounts. UcLilllCiJ

ildwiru the day and concrete ' In his chairman's statement • ■

anufacturer. is detailed in the Mr R. S. Hursthouse tells share- j. O *| AC m

test report and accounts of holders that Mr Moir. chairman oLl«U%ylll

A DISPUTE between -Hartley
Baird and a subsidiary. H. J.
Baldwin, the day and concrete
manufacturer, is detailed in the
latest report and accounts of
Baldwin.

.Mr M. J. G. Moir. Mr D. A.
Landau and Miss K H. Parkes,
directors of Hartley Baird,
which holds a 68.3 per cent stake
in Baldwin, claim that they were
appointed directors of tbe com-
pany. say The accounts, at a
meeting on April 1 1981 and that
they remained directors until
thev all resigned by letter on
November 3 19SL
“Tie board ha* taken legal
advice on this matter and as a
result is satisfied that the three
Hartley Baird directors were not

fctorefi 28
Banco Bilbao .
Banco Central
Banco Exrenor .
Banco Hisoano •
Banco Ind. Cat.
Banco Santander
Banco Urquijo ...
Banco Vijceya .
Banco Zaragoza

Drag ad os

Eapsnola Zinc ..

Fecw

Gal. Pjeoados ..

Hidtofe ’

-IberdoOio

Pstnoiaos

Patrotiter

Sogefisa

Telefonica

Union Elect. -

Puce

% +o r—

.. 342

338
... 302

.. . 314

.... . 110
. . 3*1

.... 20*

.. . 3SS
... 2*1 +2

163 +3
.... 60.5

61 +0.3
... 36 —2

63 +1.3
52 -1.3
82.9 +1-2
99
90
71

.... 63.7

directors during the • above
period," says the accounts.

' In his chairman's statement
Mr R. S. Hursthouse tells share-
holders that Mr Moir. chairman
of Hartley Baird, and its secre-
tary, Miss Parkes. have
" repeatedly challenged ** the
composition of the board 11 and
have threatened proceedings
against individual directors and
the company secretary.

Hartley Baird has put down a
special resolution to amend the
articles of association at . the
annual meeting. The proposed
change, according to Baldwin.
“ would appear to give power to
the bolding company by an in-
direct means to control the
composition of the board which
It may already do directly.”

The board recommends the
shareholders to vote against the
resolution.

The accounts of the group
show trading profits for the year
ending April 30 1981 down from
£285,697 to £111,329.

. The meeting will be held on
April . 15 in Nottingham

FOLLOWING THE industrial
dispute at Southampton, which
has since been settled, pre-tax
profits or Southampton, Isle of
Wight and South of England
Royal Mail Steam Packet Com-
pany fell from £159m to £1.0Sm
for 1981. At midterm a decline
from £532.000 to £345.000 was
reported.

Yearly earnings per 50p share
are stated at lo.llp (22-25p) and
the total dividend effectively
held at 7.5p with a final payment
of 55p net.

Turnover amounted to £7. 19m
(£7.07m) and profits were struck
after associates losses of
£11.269 (£5.190). They included
interest and dividend, received
E310.0S8 (£319.843) and a

£57.093 (£110.712) surplus on the
disposal of fixed assets.

inr »>v 12 months took
£534.973 (£833.330).

UJEL. CONVERTIBLE STOCKS 22/3/82

Company
A. & G. Security
AmaL Distilled

Half-year

to

Jan

Dec

Pre-tax profit
(£ 000 )

Interim dividends*
per share (p)

239

... 1.6065

Armstrong Equip. Dec 1.S10L (741) ' 0.3S (055)

BCA Jan 1,520 (1.196) 1.75 (1.5)

' BeU (Arthur) Dee 14.880 (9.7S0) 1.7 Cl-55)

•> Blue Bird OifCCL Jan 201 (115) 1.45 (1.45)

Burton Group Feb 14,170 (8.550) 2.5 r2.0)

» Falrvtew Ests. Dec 2,830 (2.700) 1-33 (1*7)

' Finance & Ind. Jan 64 (58) — (— )

Fisher (Albert) Feb 21L (17) — (— >

I) Gartens June . 22SL (62) — (— )

» Lucas Industries Jan 7.020 (26,090 )L 2.6 (2.6)

> Maklu ( J. & J.) Sept 263 (576) 1-0 (1.0)

»> Maynards Dec 1.360 (1,520 ) 3.13 (3.13)

L> Mills & Allen Dec 6.220 (5.290) 6.0 ( 5.0)

I) Paterson Zocofcnls Dec 13,118 < 12.233) 1.33 (1.33)

Peachey Prop. Dec 2,670 (1,847) £25 (1.5)

) Reliable Props. Dec 274 (294) 1.25 (1.25)

Ricardo Engns. Dec 811 (438) 3.5 (3.5)

Riley Leisure Jsur 390 (3l0» 15 (1.25)

Saga Holidays Dec 1.450 (1.320) 1.2 tl.07)

Second Cly. Prop. Oct 648 ( 569 ) 0.62 (0.5)

Sirdar Jan £930 (2.300) 16 (1.35)

Strong & Fisher Jan 530 (129IL 1.67 (2.S)

Thorpe (F. W.) Dec 296 (274) 1.05 d.Oi

TrafTord Park Esu Dec 1,070 ( 911) 3 0 (2.751

Walker (4.) Gold Oct 297L (670) 1.0 < 1.0)

Waring &G1IIOW Sept 1.000 (3.420) 1.5 (1.5)

Woodrow Wyatt Sept 598L. (25 )L — (0 5)

"■ (Dividends in parentheses are -for the corresponding period.)

* Dividends shown Dot except where otherwise stated 7 Net
profits. J For the previous nine months. 5 In I£. !: Profit attributable
to shareholders. 5 For nine mouths, a Pre-tax income. LLoss.

tn ^ mm mmm ammm ^ M w

Offers for sale, placings and introductions

S* Attwoods — Re-listing of shares and dealings are expected tn
'P resume on April 1.

George Dew — Introduction to the Slock Exchange expected next
he week.

Standard Securities— Is coming to the Stock Market by way of a
m. facing of 2.2m ordinary shares at 13dp each.

( 122 )

(116)

(741)

(1,196)

(9.780)

(115)

(8.550)

(2.700)

(58)

(17)

(62)

(26,090 )L

Sept

263

(576)

Dec

1.360

(1,520)

Dec

6220

(5.290)

Dec

13,116

(12233)

Dec

£670

(1,847)

Dec

274

(294)

Dec

811

(438)

Jan'

390

(310)

Dec

1.460

(1.320)

Oct

648

(569)

Jan

£930

(2200)

Jan

530

(129)L

Dec

296

(274)

Dec

1,070

(911)

Oct

297L

(670)

Sept

1.000

(3.420)

| EUROPEAN OPTIONS EXCHANGE 1

I

May

Aug.

Nov.

J | Serial

Vol.

UM

Vol.

Last

Vol.

Last stock

GOLD C

5525'

6

17

2

29.50 1

- S3 22.75

GOLD C

S3 50

4

6

2

18.50 ,

2

28.50

GOLD C

S3 7 5

5

2.60

25

ii :

GOLD C

5400'

—

..

5

6.50 !

GOLD P

5300

_

9

12.50

_

_

GOLD P

5325,

2

13 B.

15

20

30

23.50

GOLD P

&360

15

51

GOLD P

5375

—

- i

10

i 51 ‘

_

- 1 z

II Ua«NL 8187-91

C

F.107.50;

- !

40

6.50 B

- F.l 12.90

C

F.llO

2D

5

841

3^0

C

F.112^o|

ID

1.40 ,

in

l.BO

C

F.llBi

—

465

0.70

P

F.107.50,

_

ID

0.40

P

F.l 12.50'

—

— .

35

1.50

—

1 1 10S« NL 80 88-95

1 C

F.ioa

_

— .

5

3

- F. 102. 60

1 P

F.97.5Q

—

— -

—

— .

8

. 0.50

1- LIU NL 82 88-92

C

F.102.50

30

1.70

20

2.30 .

- F. 103.60

C

P.105

30

0.50

-

- :

-

April

July

OcL

ABN G

F.30O

_

_

5

2.80

- F.887 ’

AKZO C

F^Z.SOi

20

6.90

_

- F29J0

AKZO C

F^S)

15.

4.40

10

5

AKZO C

F .27.50:
F.501

45

2

....

5

3-30

AKZO C

98

0.80

85

1.60

44

2

AKZO P

- FJ35

5

8.10

85

0.40 .

AKZO P

FJ7.50!

—

—

75

0.80

26

1^0

HEIN C

F.SO

—

—

10

5.60

- F.53.BO

HEIN C

F^S

12

1 8

64

3.10

9

3.70

KLM C
KLM C

FJlff

F.lOOj

12

222

19.50

M0

29

15.80 :

~ IF. 108.70

KVJM C

F.llOl

128

4

167

i 9.90 .

KLM C

F.120J

F.IO^

123

1.40 A :

j

_ ■

KLM P

30

1.20

8

1 4.20 .

•

KLM P

F.l ID)

107

4.80 8'

8

• 720 :

—

NEDL C

F.120|

10

B

_

• *

- F.l 30 .30

NEDL C

F.13W

IB

1.30

27

5.90

NEDL P

F.l 10

5

0.40

_

—

_ .

NEDL P

F.120

6

3.50

_

_

NATN C

F.11D

B

1.70

—

_

- F. 109,80

PETR C

Fr^OOO

—

—

—

5

300 Fr.4620

PHIL G

F.20

58

3.80

10

3.80

5

4.30 F .23.70

PHIL C

F^3.50

154

1.30

139

. 1.90

31

8.80

PHIL P

F^6

240

OS 0

64

1

271

1.50

PHIL P

F^S.50.

40

0.10

PHIL P

F.as:

12

1^0 A'

—

— ;

—

RD C

F.70:

25

16.10

—

_

— F.85.60

RD C

F.8C

116

6

69

i 6.90

25

8.50 . „

RD C

FJBO

438

020 '.

154

: a •

34

3.80 A „

RD P

F.7D

—

—

14

1 0.60 .

RD P

F.8D

17

0.60 .

62

Z.40B

76

3.20

UNIL C

F.l SO

10

820 a

20

8.00 1

- F.l 36. 70

UlttL C

F.160 '

128

1.10

64

2.00

UNIL C

F.17Q]

17

aio |

—

_ [

_

UNIL P

F.15D

40

0.80

20

4.50 ,

1

UNIL P

P160

10

4.50

—

—

- ‘ z

1 1 TOTAL VOLUME IN CONTRACTS:

5582

1-

A= Asked

m

B= Bid

Cm Call.

P-Put

Name and description

Cdd-

Size Current • version

(£m) price . Terms* dales4>

Premium*

Flat Red. —

yield yield Current Rnnget

SiBti*ncft provided by
DAT AST RE AM International

Cheap ( + 1
Income Dearf — ) 2

Equ.f Conwt Div.1- Current

LOCAL AUTHORITY BOND TABLE

Anthority

(telephone number in
parentheses )

Annual Interest Life

gross pay- Minimum of
interest abJe sum bond

■ British Land I2pc Cv. 2002

9.60

304.50

333.3

80-97

4.0

1.1

4.4

- 3 to

4

31.5

89.1

19.8

+ 15.4

Hanson Trust 6Jpc Cv. 88-93

3.02

177.50

314.3

76-83

3.7

-2.9

-52 to

-1

8.4

0.0

- 4.6

- 1.7

Hanson Trust 9Jpc Cv. 01-06

150.59

118^0

71.4

85-01.

S.2

7.9

3:7

2 to

10

84.8

68.7

-14.0

-17.7

Slough Estates lOpc Cv. 87-90

5.31

259.50

187^

7B84

3.9

-1.1

- Slo

5

22.9

17.9

- 1.9

- 0.8

Slough Estates 8pc Cv. 91-94

24.88

117.00

780

80-91

6.9

5.8

7.1

3 to

14

33.0

45.1

U.0

-r 3.9

Knowsley (051-548 6555) 14

on Prostol pago 48146.

• Number of ordinary she res «nio which £ 100 nominal of convertible aiortt Is convertible, t The extra cost of investment <n convertible e*p/osse«f as per cent of the
cost of the equity in convertible stock. $ TVi roe-month range. 5 Income on number of ordinary shares into which HOC nominal of convertible) siocV m convertible.
This income, expressed in pence, is summed from present time until income on ordinary sftcres is greeter than- income on C1C0 nominal oi convertible or the Imsl
conversion dete whichever is eerlier. Income <S assumed to grow et 10 per cent per annum and is present valued at 13 oar cent per annum 1 Income on Cl 00 of
convertible . Income is summed until conversion and Present valued at 12 per cent par annum. ^ This ra income of the convertible less income of the underlying
equity expressed ee per cent of the value ol the underlying equity. The difference between the premium end income difference exoreseed as per com of the value
of underlying equity. + is en indication of relative cheapness. — is an indication ot relative deBrness. & Second dote is assumed dote ol conversion. Thu is not
necessarily ihe feet date of conversion

“PENNY SHARES"

"■rwsa.-'firisri

when to sell
For lull dotoils and a
FREE COPT wnre.

THE PENNY SHAR E G UIPE
11IS

London EC2M VAT

ladbroke index

Close 552-557 ( — S)

THE TRING HALL
GSM INDEX

120.9

close of business 26/3/82
BASE DATE 10/11/80 100
Tel: 01-638 1591

Tluenc and sometimes racy prose ... invariaHy
accurate and up-to-date’ — Metal Bulletin
^Essential background reading ’ —Futures World
•Reads more like a thrBkr than an economic tract* -
Dady Express

By the author of The World of Diamonds
On Sale now £7.95

Wfeidenfeid&NjogtegtL

PORTSMOUTH

BUILDING SOCIETY

Notice is hereby given in accordance with the Society’s
Rules that as from 1st April 1 962 the folkwing rates of .
interest per annum will be paid on the various, types of
investment account-

Ordinary Shares 9.05%
Monthly Income Shares 9.05%
6 Month Term Stares 10.50%

2 Year Period Shares 1 0.65%

3 Tfear Period Shares 10.75%
4 'fear Period Shares 10.90%
S "fear Period Shares 11.10%
Subscription Shares 10.55%

Equivalent

Id

(whore
iocamatax
is payable
at the basic
rate of 30%)

12.93%

12.93%

15.00%

15.21%

15.36%

15.57%.

15.66%

15.07%

mn

178 London Rd. North End. Portsmouth.
Telephone; Portsmouth (0705) 693311

Hwhr d BJNffj TW i d ii i (1 rmn i f i m M ini i r i( bf ilWMM riaHWt

This ^ivertiseinem is -issued m compliance with the Regulations of The Stock Exchange.

jk Nationwide

/■A Building Society

Placii^ of £5,000,000 WVaper cent Bonds
due 4th April 1983

listing for the hoods has been granted by the Council of Tbe Stock Exchange.
Particulars in relation to The Nationwide Building Society are available in the Extel
Statistical Services. Copies of the placing Memorandum may be obtained from:-

Fulton Packshaw Ltd., Laurie, MHbank & Co., Rowe & Pitman,

34*40 Ludgate Hill, _ Portland House. City-Gate House,

London EC4M 7JT 72/73 Basinghall Street, 39-45 Fmd)ury Square.

London EC2V 5DP London EC2A jj A

Ccispasies and iarksts

Financial Times Saturday March 27 19S2,

WORLD STOCK MARKETS

R YORK

ACF Induct neo —

AMP

AM Inti

ARA

ASA

AVXCorp..

Abbot Labs. ....

Acme Clove

Atioba Oil ft Gai.
Advanced Mic-O.

Aetna Life ft Gao
Atimanson *H.F.-
Air Prod ft Chem

Akzona

Albany Int

Aibcrto-Culv....—

Alt orison's

AlcanAlumlnium
Alco Standard,...
Alexander ftAl ...

Alegheny Inti

Allied Core

AlliOd Stores

Aflis- dial mors ._
Alpha Portd

Alcoa

Amai. Sugar...—

Amax

Amdahl Corp

Amerada Hess....

Am. Airlines

Am. Brands.. . ..
Am. Broadcast's

Am. Can

Am. Cyanamid .
Am. Elect. Fowr.

Am. Express

Am. Gen. Insnee.
Am. Hoist & DM .
Arp. Home Prod..
Am. Hosp. Suopy
Am. Medical Inti

Am. Motors

Am. Nat. Recces
A m.Petfina.. .. .'.
A m. Quasar Pet..

Am. Standard— ‘

Am. Stores

Am. Tol. A Tel. ..

Amotak Inc

Amfac. _....

AMP

Am star

Am stand Inds

Anchor Hockg. .
Anheuser-Busch
Archer Daniels..
Armco

Armstrong CK. ..

Asamera Oil

Asarco

Ashland Oil . .. ..
Aasd D Goods.....

Atlantic Rich

Auto Data Prg. _

Avco

Avery Inti

Avnot

Avon Prod

Baker Inti

Balt. Gas* El.. .

Ban Cal

Bangor Punta ....
Bank America....

Bank of N.Y

Bankers TstN.Y.
3arry Wright .
Bausch * Lomb..
Baxt Trav Lab....
Beatrice Foods.

Bckcr Inds

Bell* Howell

Bell Industries .

Bendix

Beneficial—

Beth Steel 22 *

Big Thee Inds 25

Black ft Deeper . 13 ■*

Block HR 52*'

Blue Bell 23 j.-

Boeing 18tj

Bci.-c Cascade ... 29 1 '.

Borden 32>

Borg Warner 25-;

Braniff !ntl 2';

Briggs Strain .. .. 24»
Bristol-Myers.... SJi;

BP 2!':

Brockway Glass. 14 t
Srcwn Forman B 52 >;
Srown Grp 28:*
Brown ft Sharp.. 17
Browng Ferns.,.. 5 He
Brunswick lei?

Buc/rus cr-e la*:

Eu nine ton Ind . 19: .

Burlington Nrthn 45 1;

Burndy 19

Surroughs aSt-

C5I inds 31 ; t

CBS 40 •:

CFC In 1 1 57

CSX 47

Campbell Rod L. 12';
Campbeii Soup .. 54
Campbell Tagg . II : i
Canal Randolph.. 26 »
Can. Pacific. . "4.-

Carlisle Corp 2Cij

Carnation 51

CarpTech 55

Carter Hawley... 14 *

Caterpillar 49, :

Celaneao Carp _. 51

Centox „ 22*:

Central ft Sw 15

Central Soya 10-r.

Central Tol Util.. 29 M

Certain toed 11 %

Cessna Aircraft.. 17'j
Champ Homo Bid 2

Champ Int, 18'<i

Champ Sp Plug.. 7>.

Charter Co SX

CnaoeMannatt’n' 5c*
Chemical NY .... 50),

Choose Pond 34 . i

Chicago Pn cum.. 1*':

Chrysler 4: t

Chuiib 45:*

Cincinnati MIL. . ! 25 m
C ifcorc . . ... ib:.-

Cities Sarvics.. 29’:
C.ty .r.vost 22

Clark Equipment 24
Cicrfc Cliffs Iron. 22 * -.

Corex 15.*

Clue:: Peat».. . 15

Ccca Cola . . 54

Colgate Palm.. . 18

Coli ns A kman . 1 1

Gilt inds 24:-:

KEW TOKK

14! 3 : 14 Jn
8*1 8 5 <
20 1 i 20':

2 ! J* 2 1 *
51 H 31*;
56!; £31?

27 It £ 7 .-<?
14! : 14 "c

- - ! Mar, ' Mar.

Stock 25 24

Columbia Goa..,. 31»; 30-*a

Columbia Pict._. 60's 6*-e

combi nod Int..— 20 »« an*
Combustn. Eng.. 26ij 261;
Cm with. Edison.. 21 21

Comm.Sateiiu...' 57 (Mu

Camp. Science ..i
Cone Mills.

Conn Gen. Inn. ..

Cenrao

Cons. Edison..
Cone. Foods.
Cons. Freight. .
Cc.11.N3L Gas ....
Con3umerPower
ConL Air Unea .

Conti. Corp

Conti. Group .. .

ConL Illinois

Conti. Telap

Control Data

Cooper Inds

Co or a Adolph

Copperweld

Corning Class— ..
Corroon Black. .
Cox Broadcast's-

Crane

Crocker Nat

Crown Cork

Crown Zell

Cummins Eng. ..
Curtna-Wrlght ...

Damon

Dana

Dart ft Kraft

Data Gen

Dayton-Hudson _

Deere

Delta Air

Denny's

Oontsply Inti

Detroit Edison....

Diamond Inti

Diamond Shank..

DiGiorglo

D-gitaf Equip

Dillingham

Dillon

Disney <Walti

Dome Mines..—...

Donnelly .RRl

Cover -Torp

Dow Chemical....

Dow Jones

Dresser

Dr. Peeper

Dube Power

Dun ft Srad

Du Pont

EG ft G _.-

Easco

Eastern Airlines.
Eastern Gas & F
Eastman Kodak.

Eaton

Echlm Mfg

Eckherd Jack . ..
Electronic Data. :
Elect. Memories

El Paso

Emerson Elect...
Emory Aif Fgfc.

Emhart .. .. •

Engelhard Corp

Enserch . . ._

Envirotech

ismark

Ethyl

Evans Prods

EX Cell 0

Exxon

FMC.

Faberge

Fodders

Federal Cc

Federal-Mogul...
rod. Hat Mort.
Fed. Paper Brd .
Fed. Resources..
Fed. Dep. Stores

Fieidcrect Ml

Firestone

1st Eank System
1st Charter Fin..

1st Chi cage

1st City BankTex
1st Interstate....
1st Mississippi. .
1st Nat. Eos ton..

1st Penn

Fisons —

Fleetwood Ent .

Flexi van

Florida PwrftL.
Ford Motor
Foremost Mck.
Foster Wheeler..
Freeport McM...

Fruchauf

GAF

GATX

Gannet

Galco

Gen Am Invest ...
Gen Cinema .
Gen Dynamics...

Gen Electric

Gen Foods

Gen Instrument-

Gen Mills

Gen Motors

Gen Pub Utilities

Gen Signal

Gen Telep Eloc..

Gon Tire

Geneses

Genuine Parts.... 55
Giorgio Pac. .. 17'.

Geosourcc 51 -

Geroe* Prod.. .. S3'.

CortyOil 46

Giddins Lewis.... IB 1 -

Gillette 54;

Global Marine.... 12;
Goodrich iBFi. .. 20
Goodyear Tire. 21 >

Gould 23

Grace 36'

Grainger iWW< . ; 39J

sees

—DOW JONES

Mar. : Mar.

25 24

or. Ati. Pac. Tca.< su
Gt. Basins Pet.,.. 5

GtNthn. Nekoosa 34 *
Gt. WeatFinancl. 10;®

Greyhound 14 is

Grumman ■ 24 u

Gulf ft Western— Id

Gulf Oil

HalllFBi

Halliburton

Hammer m i II Ppr

Handleman

Hanna Mining. .
Harcaurt Brace-

Harris Bancp

Harris Corp :

Harsco

Hccia Mining....

Heinz' HJ i

Heller Inti -

Hercules ■*

Hershcy

Heublein \

Hewlett Pkd

Hilton Hotels

Hitachi ;

Holiday Inns

Holly Sugar -

Horn es take

Honeywell

Hoover

Hoover Uni I

Hormel Geo.V. ..
Hospital Corp....
Household Inti..
Houston Inds. . .
Houston Nt Gas..
Hudson Bay Meg
Hughes Tool .. .
Humana, 1

Husky 0>l

Hutton (EFi.— ....

ICIndc -

INACorp

IU Int.-

Ideal Basic Ind..

Ideal Toy

ICI ADR

Imp Corp Amer ...

INCO.._

Ingersol Rand

Inland Steel

Intel

Inter First Corp. .

Interlake

Inter North

IBM_

Inti. Flavour* .
Inti. Harvester. ..
Int.income Prop.

Int.Paper

nL Rectifier

Int. Tol ft Tel

Irving Bank

James <FSi

Jeffn-Pllot.

Jewel Coe

Jim Walter

Johnson Contr....
Johnson ft 4ns.
Johnthan Logan.

Joy Mnf

K. Mart

Kaiser Alum

Kaiser Stoat

Kaneb Servicee-
Kaufman Brd.. .

Kay Corp

Kellogg -

Kennamctal

Kerr McGee

Kidde

Kimberlcy-Clark.
King's Dept St....
Knight Rdr. Nws

Keepers

'Kroehier

Kroger

LTV

Lanier Bus. Prod
Lear Slegler.. . .
Leaseway Trans..

Lenox

Levi Strauss

LcviU Fumtr . ..
Libby Owens Fd.

Lilly ‘Eli*

Lincoln Nat_

Litton inds

Lockheed

Loews

Lone Star Inds .
Longs Drug Sirs.
Louisiana Land..
Louisiana Pac . .

Lowenstein

Lubr.zol

Lucky Strs

M A Com. Inc .. ..

MCA

MacMillan.

Mac

Mfcrsy Hanover...

Manville Corp

Mapco

Marathon Oil

Marine Mid

Marriott •

Marsh McLenn....
Marshall Field ....

Martin Mtta

Maryland Cup

Masco..

Massey -Fcrgn.
Mass Multi. Corp

Mattel

May DapL Stra . i

Maytag '

McCulloch . .. .
McDermott *JRi..
McDonalds . .. .
McDonnell Doug
McGrow Edison..
McGraw-Hill ....
McLean Trukg ..

Mead

Media Genl

Medtronic

Mellon Natl

Melville

Mercantile Sts ...

Merck

Meredith

Merrill Lynch

MGM

Metromedia 1

Milton Bradley-.
Minnesota

Missouri Pac

Mobil

Modern Merchg.-

MOhasco

Monarch MfT... , -

Monsanto

Moors McCmrK..!

Morgan <JPi

Motorola

Munalngwear ....'

Murphy (GGi

Murphy Oil

Nabisco Brands.
Nalco Cham

Napco Industries'

Nat. can ,

NaL Detroit.

NaL DisL Chem..'

Nat. Gypsum

NaL Medical Ent:
NaL Semicductr.
Nat. Service Ind.i
Nat. Standard....!

NaL Steel

Natonuu _j

NCNB..._ I

NCR I

New England EL.
NY State E ft G . |

NY Times i

Newmont Mining 1
Nias. Mohawk. ..;

NICOR Inc

Nielsen 1AC1 A....i

NL Industries i

NLT - -.1

Norfolk ft Westn
Nth. Am. Coal . .
Nth. Am.; Philips'
Nthn. State Pwr.l
North gate Exp...!

Northrop ,

NWest Airlines ..!
NWest Bancorp-'

Nwest Inds

Nwestn Mutual..'
Nwest Steel W...:

Norton „!

Norton Simon
Occidental Pet..J
Ocean Drill Exp.

Ogden

Ogilvy ft Mrth. ...'

Ohio Edison

Olin

Omark i

OnecK

Outboard Marina
Overseas Ship. ..
Owens-Corning..
Owens-Illinois....

PHH Group

PPG Inds •

Pabst Brewing....
Pae. Gas & ElecL
Pac. Lighting.. ..-
Pac. Lumber

Pae. Tel. ft Tel.._'

Palm Beaeh j

Pan. Am. Air

Pan. Hand Plpe..
Parker Drilling.. -'

Parker Hanfn

Peabody Inti

Penn Central >

Penney iJCi

Pannzoll ■

Peoples Energy '

PepsiCo '

Perkin Elmer

Petrie Stores

Petrolane

Pfizer

Phelps Dodge ...

Phila Elect

Phlbro

Philip Morris

Phillips Pet

Piiisbury

Pioneer Corp

Pltney-Bawes ...

Pittston

Planning Res'oh

Ple&sey

Polaroid

Potlatch

Prentice Hall . ...
Procter Gamble.

Pub. Serv. E ft G.!
Pub. S. Indiana ...

Purex :

Pu rotator

Quaker Oats

Quanex -

Quest or

RCA

Raison Purina

Ramada Inns

Rank Org. ADR...

Raytheon

Reading Bates ...

Redman Inds

Reeves Bros. . .
Reichhold Cham-

Republic Steel J

Rep of Texas

Reich Cottrell.... i

Resort Inti A

Revco lOSi _•

Revere Copper ..

Revlon

Rexnord

Reynold* (RJ)

Reynolds Mils....

Rite Aid

Roadway Exps...

Robbins tAHi

Rochester Gas...

Rockwell Inti

Rohm ft Haas

Rollins

Schiitz Brew ...
Schfumbeger-.
3CM

Scott Paper.. ...

Sc udder Duo V

Scacon

Seagram

Sealed Power ..
Soar I e <GDi . . ..
Sears Roebuck.
Security Pac ...

Sedco

Shell Oil

Shell Trans

Sherwln-Wme..

Signal

Signode

Simplicity Patt ..

Singer 1

Skyline

Smith Inti ....«_
SmlthKIine Beek
Sonesta Inti ... —

Sony

Southeast Ban kg
Sth. Cal. Edison-

Southern Co

Sthn. NaL Res

Sthn. N. Eng. Tel..

Sthn Pacific

Sthn. Railway i

Southland. . .
sw Bancsharcs-'

Sperry Carp

Spring wills

Square D

Squibb

Std.Branda Paint

Std Oil Ciiform*.
Std Oil Indiana...

Std Oil Ohio-

Stanley Wki

Stauffer Chem ....
Sterling Drug- ...

Stevens UP)

Stokaly Von K. ..
Storage Taeh. ..

Sun Co

Sundstrxnd

Superior Oil

Super Val Sirs....'

Syntax

TRW

Taft

Tampax— i

Tandy

Teledyne 1

Tektronix-

Tenncco

Teso r a Pet

Toxaoo

Texas Comm. Bk
Texas Eastern. ..
Texas Gas Tm....'
Texas Instr m'ts.
Texas Oil ft Gas..
Texas Utilities....

Textron

Thermo Electro...
Tnomas Betts.....

Tidewater

Tiger Inti

Time Inc

Times Mirror

Timken

Tipperary

Tonka ...

Total Pet

Trane

Transameriea ....

Transway

Trans World

Travelers

Tricantrol

29?* 29

19*« 19U

22 is 22 U
1SU . 20 U
5L*e 50 U
6Tg ' 67s

197c ' 19?|
22Sn . 22!,
271, j 275,
291, Ml,
40** IB?,
101, 101,
13 ; 12*

201, | 2D i =
127* : 13
6 | 6*s

519 !*s

32i, • 321,
15 j 151-
lli, ! 12
64s, 645 S

10% ; 10

Rolm i

Roper Corp

Rowan

Royal Crown

Royal Dutch . ...

Rubbermaid

Ryan Homes ....

Ryder System

SFN Compames..
SPS Technoi'gles

Sabine Corp

Safeco

Safeway Stores -

St Paul Cos

SL Regis Paper .

Santa Fe Inds

Saul Invest

Saxon Indus...
ScNanng Plough.

Tri Continental...
Triton Energy-...

Tylsr

UAL

UMC India.

Unilever N.V

Union Camp. . .
Union Carbide....

Union Oil Cal

Union Pacifle.....

Uni royal

Untd Brands

Utd. Energy Res-

US Fidelity G.

U£ Gypsum

US Homo

US Inds

US shoe..

US Steel

US Surgical

US Tobacco

US Trust

Utd. Tachnolgs-
Utd. Telecomms.

Upjohn

VF

Vartan Assoos....
Vernltron

Virginia EP

Vulcan Matrls....
Walker 'Hi Res....
Wal-Mart Storei.

Warnaco

Warner Comm*..
Warner-Lambt ...
Washington Post
Waste Mangt-...

Weis Mkts

Wells Fargo...

W.Point Peppi. ..
Western Airlines
Westn. Nth. Amr.
Westlnghousa. .

Weatvace

Weyerhaeuser.....

Wheeiabratr F ..
Wheeling Pitts..

Whirlpool

White Consoltd-

Whittaker

Wickes

Williams Co

Winn Dixie Str...

Winnebago

Wise Elec Power

Woo I worth

Wrigley

wyiy

Xerox

Yellow Frt Syi ...

Zapata

Zenith Radio—...

Mar. Mar. Mar. Mar. Mar. Mar.
28 24 25 22 19 18

'Since Cmpil't'n

Olndustr’ls 3:7.£5 813.54 826.67 3 13.5< 8D5.65 805.27 10S4.0S 715.47 1051.7D 41.22

•:7;4. ifi -3:82: 1 1 1, li ih i2/i.52i

H mc Bndl. 37. JS sB-24 53.45 58.35 55.51 53.51 t5.74 54.19 — —

, r IS- ;-31* il.lOi

Transport.. 35^.55 557.21 351.34 3J6.7S 523.16 3 29.43 447.5 3 314.3 6 447.38 12.23

1 16.4, .9 5 -82i. ISA' 31i iB.-7-32i

Utilities 101.SE 108.41 108.49 107.63 106.18 105.55 I17.S1 101.23 165.52 10.5

*5)1,61) (28,-9i (20.-4, £9j i23. : 4.-42i

TradingVoi

000-1 51,970 49,366 67,130 57,6 10 48,250 54,27D | — | — - —

♦ Day's high 833.71 low S10.58

Ind, div. yield I

Mar. 19 - Mar. 12 ■ Mar. 5 Year ago 'approx
6.92 6.99 6.90 5.58

g FRANCE

3 CAD General !29M2rtTi M.60 99.3 SJ.fl 9B.5 112.5 117.-3*8 1; 77.3 flS'Sl

; Ind Tendance .31; I2.it) !l7.:a 115.1 1 u.a 1 15.1 124.0 19,2.82, 97.7i4.U82i

STANDARD AND POORS

1981-82

Since Cmpil't'n

GERMANY

FAZ Aktien '51*12:551

255.49

255.27

255.40

257.54

245.47

»*-7l

2 15. St i9<2.8h

.

.

Indust' Is...

123.61

123.54

126.07

*23.27

122.74

122.45

167.02

i£. I'll'

114.4T

ffi.5 *£

150.96
28' 11 80

5.52

50 fc *3?p

ANP CBS General M970i
ANP-CBS Indus: '1570,

85.9

72.5

69.2

72.1

S3.fi

7 i.S

88. 4

70.4

95.8

76.4

20 9i
£2.Si

7B.5 .28-8*
61.4 (22:12)

Composite

115.21

112.97

TIJ.S3

112.77

IlO.fcl

110.50

155.12

107,54

140.il

4.402

—

Early 6.5 decline on Wall St

PRICES DECLINED qo Wall
Street yesterday, when Investors
moved out of ibe market ahead

of the Weekly Money Supply
report, to be released after the
close.

By 1 pm fhe Dow Jones
Industrial Average was down 6.57
to 821.06. reducing its nse on
the week to 15.41, while the
NYJ?E All Common Index, at
564.71.- died 44 cents on the day
but still up 51.09 on the week.
Declines led advances by a sevens
to-fotir majority, while the trad-
ing volume decreased 3.72m
shares to 32.3m compared with
1 pm on Thursday.

Analysts said projections for
the change in the M-I measure of
rhe Money Supply range from
up or down 53bn. A rise in M-l
could place upward pressure on
interest ratesr'

Of even greater concern to
investors Is the projection chat
the Money Supply will show a
large bulge in April, analysts
said, which could prompt the
Federal Reserve to tighten
credit.

Heavy Institutional trading was
evidenced by the activity in Blue
Chip and Basic Industry stocks.
Ralston Purina shed Sj to ST12g-
The volume leader on a block of
1.729m shares.

Mobil.' In second place, were
off Si at S22J — a block of
1.272.100 shares traded at $22.
Other active Blue Chips included
Sears, off Si to S18j. Exxon off
$J[ to $2Si and IBM down Si lo
$59$.

Cities Servlre rose another
Slj! to-S3U on takeover rumours.

Schiitz lost S? to S13S in active
trading — it raised its takeover
bid for PABST to S201 a share,
from S16. PABST (Over the
Counter) advanced $2) to $164
bid.

Kane Miller jumped $21 to
$14^ — it plans to buy back
450.000 shares at $15 each.

Datapoint fell $12 to S23Z after
announcing its plans to close a
plant and freeze wages.

Closing prices for North
America were not available
for this edition.

Tektronix improved $1£ to
$471 — it reported nearly - un-
changed third quarter earnings.

Apache Petroleum were up
SU to $19?. while Dow Chemical
eased SJ to $23£ and Apache

Corpn dipped Sj to $13— -Dow
agreed to sell its U.S. oil and
gas properties to Apache Petro-
leum and Apache Corpn.

THE AMERICAN SE Blarket
Value Index lost 1-45 to 260.68.
Turnover some 2.4m (2.69m)

shares.

Canada

Prices were off at midsession,
with ail but one of the 24 Indices
lower.

The Toronto Composite Index
shed 7.8 to 1,612.5. Metals and
Minerals 7 2. to 1.492.2. Oil and
Gas 15.4 to 2,612.6, Golds 43.6 to
2221.2. and Banks 2.14 to 321.85.

Turbo Resources were halted
at $2.15 — pending talks regard-
ing a major refinancing of its
debt

Australia

Resource stocks were cut back
by profit-taking in moderately
active trading, while Industrials
again firmed.

Partners in the Jackson South
oil find struggled to hold gains
made on Thursday and Clare-
mont shed 5 cents to AS1.03.

Of the other Jackson partners,
Santos lost 5 cents to A94.5Q,
Vamgas 10 cents to AS6 and
CSR. which has a 32 per cent
interest in Jackson through
Delhi, were down 6 cents to
A&3.2S.

Alliance Oil Development
which has an interest in the
Memmelia field, were up 4
cents to A81.17, after AS1.22.

Gold Mines were generally
easier in line with overnight
gold price falls. Central Norse-
~man dipped 25 cents to AS3.7D,
but Peko were up 5 cents to
AS4.90, while Poseidon lost 10
cents to AS1.55.

Hartogen Energy were cut
back 55 cents t6 AS3.05 ahead
of an announcement of a one-
for-one cash issue to raise
A $39. 26m. Genoa, which intends
fo take up its 44.87 per cent

CANADA

BELGIUM (continued)

| Mar.-' Mar.

1 Mar. 86 ! Price + ei

Stoak i 25 ; 24

| i Frs.

a

entitlement, moved down 20

cents to A$1^0.

Tokyo

Shore prices finished slightly
higher, led by Speculatives and

some Domestic issues, but Inter-
nationally popular stocks ended
slightly weaker. Volume 360m
(3S0m) shares.

Investors continued to cluster rn
droves around Sumitomo . Metal
Mining . and Mitsui Mining and
Smelting. Sumitomo added
another Y16 at Y826, while
Mitsui also gained Y16.

Sparked by the discovery of a
Gold Mine by Sarm tom n. buying
has been spreading to other Min-
ing shares- Nlttetxu Mining went
up briefly Y55 during the day.
Traders cited speculation that
Nittetsu may have mines that
may prove to be more promising
Khan the mine Sumitomo found in
south-western Japan.

Steels went up over, a broad
front, mainly on news that their
equipment investment in fiscal
1982 will show a sharp increase.
News reports -said that the total
capital spending by the country's
five major Steel Makers would
climb 39.4 per cent from fiscal
1981. The sharp increase was an
expression of the Steel Makers
determination to maintain their
competitive edge against foreign
producers with increased output
of value-added products.

Constructions showed a broad
advance — investors were
anticipating a substantia!
improvement in their pre-tox
earnings in fiscal 1981. Construc-
tions were reported also to have
already received large amounts
of orders for the next fiscal year.

News that General Motors has
agreed to team up with Fujitsu
Fanuc to manufacture and
market robots in the U.S. sent
the stock of the Japanese com-
pany zooming Y110.

Singapore

Slightly lower On lack of buy-
ing support in quiet selective
trading, with, lower Hoog Kong
market advices depressing
sentiment further.

Hotels, Properties and the

amz Group

Acraw AusL

Ampol Pet-

Asaoe. Pulp Pap ^

AikQrico ,

AusL Con*. Ind... ;

Auat Guorant

_ _ AusL NaL Inds...

+D B AusL Paper :

Bank NSW-

Blue Metal j

Bond Hldge

Bora! — ...

BlSrtlla Cooper—'
Brambles Ind*....

Bridge Oil—

BMP

Brunswick OK...J

CRA

CSR-

- Carlton ft Utd.—

CasUomainoTy*

duff Oil 'AusL ..•

Do- Opt*

Cockbum CemL

Cotes (GJi

Comaica ......

Costam

Crusader ail

Dunlop —

Elder Smith CM
Endeavour Ros-
Gan Pro Trust.. .
Hartogen Energy

Hooker 1

ICI Auat

Jennings.—.-

JlmbhuiafSOcFP

Jones (XI)

Kia Ora Gold.-...

Leonard Oil

MIM

Second trading section were
mixed, w-hile Commodities wore
lower in line with the general

tread.

Paris

French and Foreign stocks
were marked up across the hoard
in a busy session. ......

Contributing to the nuiiish
sentiment was fhe mechanical
effect of the market's reduced
liquidity following the dis-
appearance of the slock f>i
Nationalised companies, and also
Banks from the Exchange on
Wednesday. . _

In higher Electricals. Radio-
technique advanced FFr 10.5 to
FFr 295 — it will provide V2CW10
video recorders for the European
market from October.

Motors were mixed. Rubbers
■were easier, while Constructions.
Engineerings, Metals. Oils and
Chemicals were firm.

Germany

Most shares dosed higher In
modest ftirnov er.

Steel led the way. encouraged
by Thursday’s modest 4.2 per
cent wage increase for the
Industry. Tbyssen rose DM1 to
SS.2 on a 15 per cent rise in sales
in the first five months of its year
and also forecasting markedly
better results.

Renewed Government pledcps
to protect the German Sice!
Industry from cheaper. State-
subsidised imports also encour-
aged investors to pick up Sled
shares.

Domestic Bonds were narrow!;.-
mixed, with quotes for mark-
denominated Eurobonds finishing
well-maintained.

Deutsche Bundesbank sold
DM 26.6m in Public Sector
Bonds to balance the market.

Switzerland

Domestic shares finned in
fairly active Settlement's day
trading.

Thursday’s news that Basics
Consumer Price rise slowed fir
March, and expectations local
short-term interest rates will
continue to decline next week
aided markets.

Kubota- 1 333

KumgaaJ 461

Kyoto Ceramic .. 3,240

’ fj.tt! Lion — — - - I 368

MaodaCons ; 615

".Makita 746

ni I Marubeni 305

Marudai ! 57B

4.0'ij' Marul 790

-t-0 07 . Matsushita 1.03D

-o 01 M'ta El«c Works. 519

t-0.04 M'bishl Bank , 5O0

-0 02 M'bishl Corp ; 590

M'btshi Eject ! 255

4 oii f M*blshlRi East,...: 470

-OJH-MHI- — .! 215

— 0.15 . Mitsui Co ! 3DB

-0 sal Mitsui Rl EsL 608

! Mitsu-koshi i 565

— iilM NGK Insulators 461

0 ns Nippon Dense 932

+ 0 06 : Nippon Gakki..—. 686
— 0 bs, Nippon Meat.. .. 1 380

Nippon Oil 11,130

( Nippon Shinpan.. 899

— ' 'Nippon Steel !82

| Nippon Suisan-... 218

bTV- 4,460

Nissan Motor 725

“!.! NisshinFlour • 355

Nisshln Steel • 165

-O.OS Normura 1 438

. NYK - 284

'Olympus B41

—0B5 Onont.. — 1,290

4-OJI Pioneer 1,420

*0,01 Renown 7 to

Ricoh- 547

-Sanyo Elect 430

Uo’S! Sapporo. 251 ’

+ 0Jli Sekrtul Prefab 680

; Sharp — 695 ■

Hd.is . Shisiedo....... • .785

Price I or
Ura —

Meeicatbairra Ms 1.90 . if"?,-' -

sasssferi-ss i ?»»««=! I ;

BfEt--" IM 1 III I

Nat. Bank 2^45 -Talsho Pharm,...; 619 ,

&- M -kiw7ri \ii | \

Meridian OIL. — :' 0J11
Monarch Pet..—; 0.18

MyerEmp ! 1.35

NaL Bank— ..-^1 2.45

News. — JJO

Nicholas Kiwi > 1.27

North Bkn Hilt....! 1.87

Oakbrldge. | 1.30

Otter Expel- 0.65

Panccn 1.90

Pan Pacino i 0.12

Pioneer Co....—..- 1.32
Queen Marg’tG.' 0.09
RecklttftColn-..' 1.88

Santos I 4.50

Sleigh (HCJ 1 0.67

1 30 1 218 i

0i65 ' Teikoku Oil- • B60 >

1^90 I 4-O QB TBS-- — ' 433

0 12 1 —OBI T0W0 Marine „ 4S0 i

l!32 i — G.'o2 • Tokyo Elect-Pwr. 1 935 ;

0 09 ( Tokyo Gas 115 1

1.88 ' lloioj ' ~°^Y° Sanyo 440 .

4,50 • -^-O.K T °*yu CafP 23 5

0i67 : +0JJ2 Toshiba 314

' Mar.
26

Mar.

25

Mar.

24

Mar. •
25

19B1-82

High Low

AUSTRALIA

All Ord. ■ 1)1*801

473.7

476. 5

473.1

470.5 .

757. j >e.-4)

455.5 *10 3 821

Metal ft Minis. 11:1 90)

557. 1

542.7

J41.9

552.5

753.2 ii l.fil-

522.4 * lO'i.BZi

AUSTRIA

Credit Aktien *2/l/S2'i

65.64

53.47

35.49

55.49

50.45 ‘6-1.-811

65.45 *22.5.521

BELGIUM

Belgian SE (3M2/65i

97.39

95.58

95.64

95.02

101.39 23.-2.92'

59.35 (16/01

DENMARK

Copenhagen SE ii:li75>

121.51

121.51

121.55

121.47

126.22 '52:2*821

96.86 *2*1)80

NORWAY

Mar. 38

' i Prlc» 1 + or

iKroneri —

Southland M'n'g.
Sparges Expel —
Thos. Natwida....

Tooth

UMALCons

Valient Cofisdt...

Waltons...

Western Mining-
Wood aide Petrol
Woolwortha — .
WormaW Ind

0.26 ; -0.8S TOT 0 -™-

nan I . Tpyo Seikan 419

189 “dti Toyota Motor .... 892 1

i fi I Victor 1,860

i'Kj i “°- IH Wacoal - 731'

2-42 } -O M YamazaW > 534 !

2-ZI - M Yasuda Rre 336

Dili I Tojwgawa Bdge, .585

1.56 i +0.01;

8.38 \ (SINGAPORE

Mar. 26 I Price I + or
- —

TransCan Pipe

22 i.

25 ■<

Trans Mntn. Oil A.

au

ai«

Utd. Sisco Mines'

4.40

3.90

Walker CM> Res...

lbl«

16

Westaoat Trans..:

14

145a

Waston (Seo) i

J84»

35 1 4

AUSTRIA

GERMANY

Mar. 8S

Price I + mr
Dm. —

AEG-Telef

42.8) — 0.3
454 | -a
125.li +1.1
123.5 + 1.3
213.5) + 1.5
288 I +2

Allianz Vers..

BASF

BAYER.

Bayer-Hypo

BHF-Bank

BMW

814 ; i

210.B -0.5 :

Ind. div. yield i'

Ind. P/E Ratio

Long Gov. Bond yield

NY. S.E. ALL COMMON

Mar. Mar. Mar. Mar.
25 24 25 22

65.1565.00 65.50 64.36

Mar. 24 Mar. 17 Mar. 10 Year ago 'approxl
5. SB 6.08 6.09 4.44

; HONG KONG

1 Hang Seng Bank iSi, 7/f 4 1UJ. IS 12I0.1B 1221.58 1221.18 181B.2Q.17 7i . 1II3.77<5ilO>

Mar. 26 Price + or

13.14 13.15

Rises and Falls

Mar. 25 Mar. 24 Mar.23

1981 -83

Issues Traded... 1.816 1.B59 1,902

High ' Low Rises 822 655 971

— Falla 607 772 528

79 14 '62 05 Unchanged 387 432 403

1 5; 1/B 1 ) 1 i8.'3,82; New Highs 20 23 32

New LOWS 18 23 19

rTALY

Ban ca Comm llal.< 1372. 20J.74 209.22 209.49 508.29 092.01 .2,^ 1K.4* .34i7i | Creditanstalt ..

Landerbank....
Perimooser.....

, Dow Average HE 5 42! 720S.B2 7175.16 71S4.31 7037.80 8010.14.17 Si 6889.55 1 17'2.82|

^ Tokyo New SE /4.'1.68i 535.01 514.81 515.84 650.57 605.92 '17.0 . 495.79 -S/l.-a 1 1 Steyr Daimief-

MONTREAL

Industrials

Combined

Mar. Mar. Mar. Mar.
25 24 25 22

283.91 281.54 386.5? 384. *5 . 40B.ioi27.3i
272.74’ 270.55 375.24 272.55 C75.28 ' 13/6,

NORWAY
Oslo SE <1/1*721

SINGAPORE
Straiu Times »19Wi

SOUTH AFRICA
Gold i JS5B:
Industrial - !=53i

SPAIN

Madr d SE /ID'li.Bli

Voltaoher Mag

20 *2

90

65

01

62 ' --2
BO '. -1

1JJJJ! 113.57 114. 16 114.65 145.72 16.81 110.54.5 6,

725.67 736.92 728.10 750.02 975.26 *26.6 , 687.48 i9. 5*821

— 450.! 475.2 471.7 797.8 '71 BIi 4l|j

— 570.8 574.6 575.9 . 711.7 ifi. I 'il i 557.2 (5 2/9 1 1

101.54 101.20 101 . OS 101.91 107.45 i 9 / 2 iB 2 . 95.17 ia.' 1 .' 32 )

bELGiUM/LUXEMBOURG

Mar. 80 'Price '4-.

270.45 ilS'5.8!.
255.08 'li 5.32,

TORONTO composite l«20.5 I5IE.9- IE23.4 1622.1 2320.53 . to-7l 1557.6 : IS 3 82-

Tliurrdaj-

C-“IW i.llnt;
T-^nsW'ia
C-uci jc-v.;o
Con?

S-:*:?- Rs*iijuc» ... SST.SC'J i&

NEW YORK ACTIVE STOCKS

Cl.ofdc

Sipcr.s Clusrng on
rij'leii nr*tc tfi/

900 21*', -l IBM ..

IF< —1 Alc^n A'l.n min

373.700 291# -rZ-i 8-i-.y r.l l.vu.m.n.

75.T. 5'.-’/ ;6’j — ? « K.ii5Jjr< Pur. n.>

•^llJIl'ir

5 icc I- 1 C.*r>5in*i cn
Trade J d.'V

I EM .. .. 761 1*» St*-’* -t-

Alcan A'i.tt mim f ?2 SCO 13 : i — •«

3a-i^ r.l lactiinnij 500.600 23 !, a

K.us;?n Pur.n.5 49* 3'» 17^ -

U i -j : L j I tcu.pmufit 4L6.SOO la-'o —J ; »

j SWEDEN

I Jacobsen ft P. <T:I-55| 609.85 509.72 506.56 £05.05 660.J1 '109i 404.17 «Z9- 1 8 H

. SWITZERLAND

j Swiss Ban kCpn.< a 1. 12.33. 256. 1 255.0 235.7 255.5 504.2 *2 4, 242.3 flI 3 82i

I WORLD

j Capital Inti. <1 1. 7C) - 132.5 *52.9 152.6 16Z.fi .6.181. 125.1*17.3 82 ,

J (“J Sat Mar 29: Japan Dow (c). TSE ic).

' Base values oi all indices ere ICO except Australia All Ordinary and Metals—
J !TO HTSE A!! Comon— 50: Standard and Poors— 10: and Toronto— 1,000: ttia
| last namad baaed on 1975. T Excluding bonds. 1 400 induatnalg, § 400
: I'ldusir.alj plus 40 Utilities, 40 Financials and 20 Transports. c Closed,
u Unavflilooio.

Milu

5.56 I — O.0&
5.05 ~OJ»
2.55

146 I -1

265 : -l-l
384 JB' -1
220.8! 4*1

*5

S •

sat

ioz (Pt eta) _l 515* — 1J. r Komatsu _

•450 r !

bell

Swi

indier (Ptctsk sw, ...
aaarto j 730- +8

442 ; -8 i
612 ( + B ,

Baa 1 +i

»w;

ss Bank ..... 310,' 4-5

1

21

Financial Times Saturday March 27 1982

Companies and Markets

Thyssen
hints at
improved
dividend

By Our Financial Staff

THYSSEN, the West Genua*
steel and heavy industrial jpxmp,
hinted at the possibility of a
higher dividend tins year
following a return to profits
for its steel operations.

Herr Dieter Spethmaaa,
managin g board chairman, told
the annual meeting that the
steel operations wer e back in
the black as a result of price
rises under the EEC’s
emergency steed cartel. That
meant “the decision on the
dividend for 1981*1982 will be
easier.”

In addition to the steel
recovery, Herr Spethznann said
Thyssen Industrie, a maker of
heavy industrial equipment, had
posted a significant improve-
ment in earnings in the first
five months of 1981-82. Thus
Tbyssen’s overall earnings
woidd show a “ definite improve-
ment ” after tiie DM 68m
($28*n) loss of 1980-51.

Worldwide group sales w ere
up 15 per cent to a monthly
average of DM 2^bn in the
first five months of this year.
Revenues from steel sales were
op 16 per cent, although volume
deliveries were practically
unchanged.

Herr Spethmann said be
hoped for a quick, negotiated
resolution of the dumping
charges against Thyssen find
other European steelmakers in
tbe U.S. He would prove
“ point-by-point ” that charges
of price subsidies were
unfounded.

Setback for
Amro offshoot

NET EARNINGS of Pierson.
Heldring and Pierson, the
merchant bank subsidiary of
Amsterdam-Roftestiam bank,
more than halved to FI Sm
($3m) in 1981. compared with
FI 17.4m a year-earlier.

A higher operating result was
mare than oflfcet by a signi-
ficantly larger allocation to pro-
visions for general 'coritin-
gegeies in line with the
deterioration in the position of
Dutch industry, tbe bank said.
Provisions were increased, by
114.8 per cent to FT 32m.

Pierson’s total income rose
bv 11.4 per cent to FI 173 An
while costs rose at a slightly
more moderate 10.6 per emit to
FI 134.8m.

. Pierson's balance sheet total
grew 19.4 per cent to PI 62hn.
AP-DJ

INTERNATIONAL COMPANIES and FINANCE

Strong recovery in final
quarter lifts BASF profit

BY KEVIN DONE IN FRANKFURT

BASF of West Germany, one of
the world’s leading chemical
companies, staged a sharp re-
, oovery in profits during the
final quarter of 1981, enabling
it to record a marginal rise of
1.5 per cent in pre-tax profits
for the year to DM L29bn
($540m) from DM l-27bn in
1980.

Turnover worldwide — includ-
ing all companies in which
BASF lias an interest, of at
least 50 per cent — rose by 14.1
per cent to DM 342bn, partly
helped by the weakness of the
D-mark against the dollar.

Group volume sales ex-
panded by only 2 per cent, sup-
ported chiefly by strong growth
in export markets. Foreign

sales by toe parent company
rose by 19.6 per cent in value
to DM 8-5bn and by LL5 per
cent in volume.

By contrast volume sales in
the home market fell as a re-
sult of the continuing recession
in important sectors of West
German industry and showed
only a marginal, nominal rise
of 5.6 per cent • in value to.
DM 5.7b n.

Group pro-tax profits in the
final quarter of 1981, at DM
182m. were 49 per cent up
compared with the same
quarter a year earlier.

BASF accumulated major
losses last year on its com--
modify plastics and oil refining
operations, and profit margins
came generally under pressure

from rising energy and feed-
stock costs and uns atisfa ctory
operating levels in some divi-
sions.

The group improved returns
on its specialty plastics and
specialty chentirafl.5 activities,
however, and also raised the
profitability of its agricultural
chemicals and fibres opera-
tions.

Group capital Investment
last year rose strongly, by 11.8
per cent to DM 2.1bn from DM
1.8bn in 1980, but the increase
is accounted' for partly by
doIlajvD-m&rfc exchange rate
factors and the concentration
of foreign investment in North
America. Tbe workforce world-
wide was virtually unchanged
at. 116.64&

Growth at Carrian Investments

BY ROBERT COTTRELL M HONG KONG

CARRIAN INVESTMENTS,
the publicly quoted arm of the
Carrian group, bad attrib utable
profits of HK$628-2m
(US$ 107.7m) for the year ended
December against HK$461.8m
for the rone-month period to
December 1980. Hie 1981
profit is after' HX$67m for
“write-downs to market value
of investments in quoted asso-
ciate companies and other

quoted investments,” it said.

A final dividend of 26 cents
a share is boosted by a special
cash dividend of 7 cents, which
the group says reflects the
“ excellent results," to make a
total of 44 cents for the year,
against an adjusted 23 cents
for tbe previous period. Earn-
ings per share of HK81 .07 com-
pare with a prior HKS1.12.

Tbe board has proposed a

French Grindiays sues
Harvester for $1.3m

BY OUR BANKING CORRESPONDENT

GRINDLAYS BANK SA, the
French subsidiary of Grindiays
| Bank of toe UK, has Med a
$1 .3m soot against International
■Harvester, toe - financially
troubled UJS. farm equipment
manufacturer.

The suit, which was lodged
in a Federal district court in
Chicago earlier tins month, is
for tbe repayment of money
borrowed under a parent com-
pany guarantee by Inter-
national Harvester’s French
affiliate.

Harvester’s financial prob-
lems were eased late last year
When nearly 200 banks agreed
to a S4-25bc two-year debt
re str u c t u ring. There have been
fears that toe action by Grind-
iays, which is not a party to
this agreement, could under-

mine Harvester’s financial
recovery by - triggering the
activation of cross-default
clauses in existing Joans.

Harvester said that it was
contesting toe suit and added
tost it “has no reason to
believe that Grindiays* move
posed any significant problem
or that it would have wider
implications.”.

The company said that the
agent hank for toe parent com-
pany’s term loan was aware of
toe salt and at this time “we
have ' no reason to suppose it
poses any significant problem.”

Grindiays Bank to London
said that it had approved the
action of its French subsidiary
and -stressed that the initiative
was an independent move.

COMMODITIES/REVIEW OF THE WEEK (S^p

Tin market easier on
export control delay 3

ZINC

Cosh Metal

BY OUR COMMODITIES STAFF

TIN PRICES weakened this
week following the further
adjournment of the Inter-
national Tin Council meeting
considering tbe imposition of
export controls. The Council
met again on Tuesday, follow-
ing failure to read! agreement
last Friday, hut adjourned
again until next week.

Main opposition to controls
came from Britain and West
Germany, who fear they could
benefit tbe mystery group,
believed to be acting on behalf
of producers,' that previously
pushed prices to record levels.
Meanwhile the EEC agreed to
ratify the new International Tin
Agreement, due to replace toe
existing pact expiring on June
30.

The further delay on export
controls, however, depressed tin
prices both in Penang and Lon-
don. In Malaysia toe Straits
tin price fell from $M 30.30 to
$M 30.03 a kilo, while on the
London Metal Exchange stan-
dard grade cash tin. lost £162.5
to £7,025 a tonne.

Other base metal values were
also lower, hit by lack of buying
interest and a downturn in gold,
after its recovery earlier to the
week.

Higher grade cash copper was
£22.5 down on a week ago at
£831 a tonne. Significantly
Phelps Dodge, a leading U.S.
producer, announced yesterday
it was cutting - its domestic
selling price by 2 cents to 74
cents a R> n thus undermining

WEEKLY PRICE CHANGES

METALS

Aluminium™ — —

Free Markets cJ.f.

Antimony- -

Free Market 99.6%.....

Copper-Cub High Grade—

- 3 month* Do. Do.

Ca*h Cathodes —

3 months Do. — —■

flow par ox- —

Lead Cash I...— —

S months t

Nickel —

Free Markets oJ.f. II*-. —

Platinum par oz.

Free Market per ox ■ — ...

«ulctaJrvor<76 IPs)

SUver per ox~ — .

3 months par ox.

Tin ca»h._..

3 months ... — . — — —

Tungsten Ind . — — —

Wolfram (28.04 lb.)-

Zinc cash.. .....

3 months . —

Producers-.——————

BRAINS

Barley Future s —

Veiza French—.——

Latest

prices Ch nge
per tonne on
unleu week
stated

J £810/816) -

„jS990fl08D -45

jS23OO/840b! + 100
J £831 1-12-5

..I £857.86 1—13.5
J £828.5 -11.5

J £853.75 * — 13
J $325 (+5.5

..1 £530 J j—9.5
..j £340.25 — 7.5
_ £3884 —

.. 250/280C— 5

J, £260 —

J £172.90 +1.25
J $390/400) — _

_ 594.90p +CJSS |

„ 407.75p +6.90

. £17,025 -168.5!

. £7,257.5 -160
. 8124.86 —

_ 2108(112 -4.5
. £420 1—21.5

. £42525 -21.75

$860(900 — I

£8 10/81 sjcB 10(8 l5lfi760/70
$1450(488 |$1WB(1&B918990;iB2D

$2970/050' S8208fS28aj$2126/Z2S
■ £846.75 £1,023.6 l£755
i £868.75 £1,062.76 1£777.5
I £837.25 ££1,025 (£748.5

£855.5 Sl,046 £765.5
$539.5 |S6D1 fel3

£333 ,£608 £273.75

£338.75 ^499.5 £285.26

£3,388.85 (£4 219A0hB2 J16_
275/300c 290/3 104225/27 Be
£213.50 t£260 |£2Q2

£242.70 £250.90 Lei 88.30
$420/435 8488(438i$3S0/360
569.30P X>7UZOp r385j60p
606.40 p 695.70p 397.40p
£6.220 [£8,985 £8,700

£6.265 £8,657.5 p5.B65.B

8146.25 I5149.0B 18124X6
S149/52X $iai/166!8l08(113
£348.6 £553.5 ($306.5

£368.5 • l£6G6.5 >£318^5
$886 ($2000 ($823

£102.75 zl —
£133.5 u I —

£111.80' l £94.40
£184.50 *119.76

WHEAT Futures—

Hard Winter Wheat—.—
tPKSES

'Cloves — (91

Pepper, wnlte — — —

„ block—

MLS — .

Coconut (Philippines)———
Groundnut 0%

Unseed. Crude—

Palm MalW/an- - — —

EEOS . .

Copra (Ph i 11 PC* n eel — —

Soyabeans (U>8J — — —

THEft COMMODITIES

Cocoa Shipment* I* —

Cocoa Futures May— ...— —

Coffee Futures May

Cotton Index ——————

Des. Coconut..... ..... —

Gas Oil Fut, April...-,—-.--

JutoUABWCafto*

Rubber kilo— ...—

■Sago Peart .

■ Sisal No. SL,«— — — — — *

Sugar l Raw) —

Tapioca No. l.. —

Tea (quality) kilo — — —

■plain) kilo i

Wooltops. 64s Warp ■ — ..I .

£5,660y —

ir^ooBt -

81,400x -

8480* —

$66Qx —

£60 7 w +45

8330x “

8964k —

£2,021 -34

£1,010.6 —B»

£1,188 — 46.5

70.76o +0.1

£500 —

8256.76 +1.75
£363y j -
54p +4JB5

8640/Seyf — ;

aarr*-

117 ; k.

392p Ifltol — 1

• . £121.10 £99.10

£102.25 £124 8102.0

£4,300 £6,000 C5.XOO

$2,050 $2,150

$1*450 $1,650 ? 1,225

$068 8640 8475

t * t

£403 £460 £400

8580 . *646 *475

8376 *430 $385

$312 (£340 1*246

£1,015 21,416 £830

£919.6 C 2,315 £789

£1049 El 353.5 HT733.B
90.85a 101.15c J67.20e

£890 £580 £500

*214 $328 8235.25

1 E267 (£219

55p [85.25 «3p

£218 i£Z52 £197

*730 *780 *«0

£241 £515 £245

earn IrSM £207

» T

- j *Sp MtokoSp Wto)2Q4p Mto

unnimr i n \ ai]h dinner nr. tl) July. (v) Aprrl. ( w l May. (z) Sept
jlSayOune ll) *wI-M«Vr (y| MBr-Apnl. * Nominal. 5 ®«" B BOCM -

toe 76 cents minimum level
recently announced by Kenne-
cott.

The decline reflects continued
poor demand, which has also
hit the ztoc market This week,
Metallgesellschaft and Preussag
of West Germany, announced
they were reducing their official
European zinc producer price
from $900 to $860 a tonne. This
cut comes only a few weeks after
they came into line with other
producers by raising their price
from $875 to $900.

So far other producers have
not responded but toe West Ger-
man move to $860 is believed to
represent a more realistic level
in view of toe recent fall in
U.S. zone prices and LME values.
Cash this week was £2L5
down at £420 a tonne, after
having reached over £455 earlier
this month.

Cocoa values ended at the
lowest level since last July with
the May position on the London
futures market £29 down on toe
week at £1,010.50 a tonne. The
decline was encouraged by
rumours that Nigeria, which has
been holding supplies off the
market in the hope of higher
prices, may soon be forced to
sell because low oil prices have
caused a severe shortage of
foreign exchange. Nigeria is
estimated still to have around
150,000 tonnes of current crop
cocoa to seU.

Coffee prices were depressed
by speculative selling and tbe
May futures quotation dipped to
£1,168.50 a tonne at one stage.
But after a £1950 rally yester-
day, encouraged by the weak-
ness of sterling, it ended only
£46.50 down on toe week at
£1,188.00 a tonne.

RSS No. 1 spot natural robber
on the London physics! market
reached a four-month high of
54p a kilo, up 425p on the week,
mainly reflecting speculative
buying od the futures market.

Tbe sugar market was fairly

quiet with toe August futures
position losing £3.50 to £158.85
a tonne.

At a meeting of toe Inter-
national Sugar Org anis ation in
London the total basic 1982
export quote for members was
set at 16.86m tonnes, up from
15.15m in 1981. Even if this
figure is seduced by the maxi-
mum 15 per cent it will r ema i n
wetl above estimated consump-
tion of 12.94m tonnes.

1-foMO scrip and said that iu
the current year, dividends
should be at least maintained —
excluding the special dividend
— on the increased capital.

The board also said that “the
company’s policy of diversify-
ing into other interests such as
shipping. transport and
insurance will contribute to a
spread of diversified recurrent
earnings in 1982.”

Bid for major
stake

in Boliden

By Westerly Christner in

Stockholm

THREE COMPANIES within
the socailed WaHenbeftg sphere
have made a bid for about lm
shares in Boliden, the Swedish
i mining and metals group,
i according to ASEA one of the
contenders.

ASEA, together with Atlas
Copco and Gr&nges — all con-
nected with the mating industry
I —would buy toe dares from
Volvo, toe motor group. The
deal was confirmed yesterday to
be -worth around SEr 250m
t$43in).

Boliden said it was surprised
by the overture but would not
comment on whether' it would
attempt to stop toe transaction.

BASE METALS

BASE -METAL PfUCGS dnrfud on Hm
London Mntal Exchange reflecting lack
of internet end the decline in precious
metals. Copper, subject to persistent
goMng horn an- influential quarter. teN
sway to doss at CB56.5, wtefe Lead
wae.finafly 040.75 end Zinc £424.5.
Aluminium closed at £574.75 and
Nickel at £3,082.5. A further decline hi
P enang coupled wrth renewed hedge
setting left forward Tm az £7.225.

JUnoffieial;

COPPER

ram.

Official

£

Cash

3 mths
Settle m't
Cathodes

Cash.

3 months
Settlem't
UX. Prod.

835X-6X

862. 5

856.6

835X-4

86B-X

834

Tm ■Morning; Standard, cash £7,035,
40, three montbs £7.310. 7,260, 70. 60.
50, 55. 53, 55. Kerb: Standard, rtirao
monafai £7.255, 53; Afternoon; Saenderd.
three moothe £7.250, 45. 40. 50. 45.
40, 35. Kerb: Saenderd. three months
£7.230. 25. Turnover. 2,430 tonnes.

TT i-m' - r+orf - pjnr -, j+”o
LEAD | Official 1 - (Unofficial! -

I i i m £ rr .

Cash. j 332-5 -5.28; 530 1 -3.5

3*n©nth*! 34Z-.5 .-3A, 340-.5 U3 ’

S«ttl«n-q 332.5 ^-5A -

1 UA. Spot ~ ■ -~ l *27-32 I •

Lead Mo rni ng; Cash £332.00. tinea

monefas £344.00, 43.00. 42.50, 42.00.

Kerfr. Throe months £34250. 42.00, .
41.50. Afternoon: Three months £342'.00.
41-50. 41.00. 40.50. 40.75. 4050. Kerb:
Three months £340 SO. 41 .00, 405),

40.00, 41.00. <1.50. <1X0. 4050. Turn-
over: 14,325 Ttumas.

i am. +or pjrt. ~~-f or
ZINC | Official ; — Unofficial i —

!* £ £ £ £

Cash. 422 .25- .5 -fi.flB 4193-BOA— 4.5

3 month*, 427.5-8 —4.6: 425-.S -4

S'ment...) 422.5 —4 1 — J

primvm — i«aa jB- 4qj’, —

Zinc iMtnrtng: Cash £42255. three
: months "£430.00. 2950. 29-25, 29.50.

29.00. ' 28.50. 28.00. 27X0. Kerb: Three
months 0*27.50. Z7.00 Aftwnocn: Three
months £425.00, 24.00. 23.00. 24X0. .
SXOL Z3.00. 24X0. 24X0. 25.00, 2X0.
KedK Three mondts £424.50, 24.00,
2350. 23X0. 22X0. 23.00. 22.50, 23.00^
Z3 S0. 24X0. Twimtr. T7.T35 tonnes.

pjti. i+or
Unofficial’ —

Aftnnbun ajn. |+or| pun. j+or
Official P — [Unofficial' —

' ! 1 fT] i

Spot ; 553.54 ' — 1 553 (—X

3 monihej 575.5 l-X | B74XX j-SX

AtamWiMk— Morning: Cosh £354.00.
three months £579.00. 78.00, 77.50,

77.00, 76. SJ. Kerb: Three months
£575.00, Afternoon: Three months
£576.00. 75.50. 75 03. Kerb: Three
months £574.00. 73X0. 73.00. -72.50.

73.00. 73.90. 74X0, 74-50. Jemow:
10X00 tonnes.

Mckal— Mofreng: raid-Aiufl £3.0®.
50. three months £3.090. S, 85. BO.
85. Aitemoen: Cash E3.050, three

Norsk
Hydro
plans share
issue

By Fay G jester in Odo

NORSK HYDRO. Norway’s
largest Industrial group, plans i
to raise NKr 428m ($73m>
through a one-for-five rights j
issue at NKr 150 per share 1
which it hopes to float before
the summer.

The new issue is intended 1
to help finance Hydro’s invest-
ment programme, including
its share or the planned gas
gathering line in Norway’s
part of the North Sea. and the
forthcoming development of i
the Norwegian ** golden
block " where Hydro is
partnering Stale il, the state
oil company, and Saga

Petroleum.

Equity capital !

> Hydro points out that toe
funding Is “also desirable”
to strengthen the concern’s !
equity capital, “ which Is still !
only 22 per cent of total 1
capital, despite a significant '

reduction of debt over the ,
past few years.”

Hydro, whose profits before i
tax and year-end adjustments .
are provisionally put at
NKr L9bn for 1981, has been
spending heavily on capital
account in recent years- It
has also been busy on the
acquisition front earlier this
year Hydro agreed to buy the
agricultural fertiliser division
of Fisons for £50m.

The 1981 provisional profit
figures from Hydro compare
with NKr U7bn in toe
previous 12 months and were
achieved on sales 25 per cent
higher at NKr 17.5b a.

Swiss bank
sees upturn

f

By Our Financial Staff

SWISS VOLKSBANK expects
earning * to improve in 1982
as a result of corrective
measures taken after last
year’s poor results.

Net profit fell to SwFr 36m
($l9m) in 1981 from SwFr
68m in 1980. The bank halved

. its dividend and drew on
SwFr 130m of reserves to
cover losses on stiver dealing.

The managment’s main pri-
ority is to “ strengthen profit-
ability.”

monrttm £3X85, 97, 85.' 80. Kaifc: Tbre»
months 0.080, 85. TutnoMR 1,280

tonnes.

NICKEL

e-m. + or

Official —

• 1

Spot 1

f

3050-60 !+ 11 ;

3 month*

3085-90 t-lXl
1 1

• Casts p«r poood. $ MS par kite,
t Qn previous — nfflrl l doaa.

i». B53.54

AmaJsamawd Maul TnOing reported
that in rhe morning cash Higher Grerf*
traded at CB35.S0, 35.00, three months
£865.00. 64.00. 63.50. 63.00, 62.5a 83-00.

64.00. 63.00, . 62.50. 62.00. 62.50.

Caaiodfls. cat h £833.50. three months

1258.00. Kerb: Higher Gcade. three

months £882.50. 62.00. 61.50. 61.00,

62.00. Afternoon: Higher Grade, three

months £860.00. 59.00. 59.50. 57.00.

57.50. Cathodes, three months £853.50.
Kert: Higher Grade, three months
£857 00, 58.50. 57.00. Turnover: 19.175
tonnes.

Official • - Urn

High Grade £ • £ I £ £

Cash .7035-60 -70 ' 7020-30 -65

3 months! 7260-75 -75 7233-40 -65
Settlom'ti 7060 i-68 ! —

Standard j I

Cash J 7035-40 !-73 7020-30 -65

SILVER

Silver w*s fixed 3p an ounce higher
for spot deirvtiy in the London bullion
market yesterday at 394. So. U.S. cant
eguweJenls of the Axing levels wars:
spot 705. Sc. down 0.1c; three-ownth
732-4c. up 0.8c: six-month 757 Xc; up
1.3c: and 12-mondi 811 7c. up 1.7c .
The metal opened at 3S2-3S5p (700-
705c) and doted at 354-397p (705-
710).

par fixing
troy ox. I price

Spot |394.90p

3 months.407.75p

+ 01

1

LMX

p.m.

Unoffio'l

fSjn

396p

+S.5£

+S.7C

4S.K

407.9p

l -

_

LME— Turnover: 80 (167) lota of
10,000 ozs. Morning: • Three months
408.5. 08.0. Kerb:, three months 407.5.
afternoon; three months <07.0, 07.7.
08.0, 07.9. Keitt: three months 4C8.0.
07.7.

COCOA

Futures continued to drift lower on
further commission house and jobber
sekHig to reach new nine month lows.
Short-covering and book-squaring at
the close Helped to pare the losses,
reports Gill and Duffus.

IYei‘rday'« + or f Business
COCOA Close 1 — Done

March ! 987-1006;- 2<J 1025-098

May . 1010-11 >— 1EX! 1030-998

July — 1039-40 — 9.0 ! 1067-50

Sept '.I 1067-68 — I4.fi 1086-59

Dec I 1100X1 i — 13.0; 1119-97

March 1134-35 i- 10.0 1140-30

May ..-I 1149 52 •-«* 115545

Sales: 3X77 [2827) lots of 100
tonnes.

ICCO — Daily pries fob March 26:
81.36 (82.96). Indicator pnee for
Match 29: 83.28 (83.96).

More lay-offs as Schmidt

Caterpillar revises for p abst
forecasts downwards Brewing

BY DAVID UlSCEUg IN NEW YORK

THE GLOOMY outlook facing
tbe UB. heavy equipment
industry was underscored
yesterday when Caterpillar
Tractor, the manufacturer of
construction machinery,

announced several thousand
more lay-offs and lowered its
sales and profits forecasts.

The company blamed the cuts
on the failure of its more
promising business lines to
show the expected improvement,
while weak areas had just got
weaker. And it warned:
“ Depending on economic con-
ditions. further adjustments io
the workforce may be
required."

Yesterday's announcement

said a further 3,000 workers
would have to be laid off in the
weeks ahead, bringing total
lay-offs to about 10,000 by mid-
year. By then Caterpillar’s
workforce. which currently
numbers 65,000. will have fallen
to around 59,000. Tbe new
round of lay-offs will affect its
U.S. employees, but plants in
Europe are being put on a
shorter working week.

Caterpillar said it had been
forced to revise its 1982 sales

outlook downwards. Last year,
the company had sales of
$9.15bn. It also warned that
profits in the first quarter would
be “substantially lower" than
thet SI 42m earned in toe same
period last year.

Sandoz advances despite
foreign exchange losses

BY JOHN WICKS IN ZURICH

SANDOZ, the Swiss drugs and
chemical company, has reported
a 12 per cent increase in group
net earnings for 1981 to SwFr
227m ($119m) from SwFr 202m
a year earlier. Group turnover
rose by 17.7 per cent to SwFr
5.77bn ($3.04bn).

Group net profits were toe
highest since the SwFr 235m
reported for 1972, but “sub-
stantial currency translation
losses ’’ had cut the 1981 figure
by about SwFr 128m. toe com-
pany said.

The company proposes an un-
changed 26 per cent dividend.
Parent company net earnings

were SwFr 81.4m, slightly
higher titan a year earlier.

The Basle-based group's cash
flow increased to SwFr 543m,
up by SwFr 55m. Capital ex-
penditures rose by 19 per cent
to SwFr 305m, their highest
level since 1975.

Sandoz spent a total of SwFr
463m on research and develop-
ment last year, a rise of more
than 11 per cent front a year
earlier, to equal about 8 per
cent of turnover.

The group's staff grew by 894
to 36353 by year-end, reflecting
the consolidation of recently
acquired companies.

Sharp rise in earnings for
two major Italian hanks

BY RUPERT CORNWB-L IN ROME

CREDITO ITAIIANO and
Banco di Roma, Italy's third
and fourth largest commercial
banks, which are controlled by
the state conglomerate, IRI, yes-
terday reported that net earn-
ings more than doubled last
year. Both proposed dividend
increases of more than 16 per
cent

Net profits at Credito Italiano
climbed to L37.5bn ($28.6m)
from L15.2bn in 1980. Banco di

English Feed lob Apnl Mt. May ^2®'
June 121X0 East Coast *»#•»■ ***“'
French firet hzK April 133.50 irenship-
preni East Coeet »«*«- |.

WhlW/YeMowr J® •"S'

Barley: English Feed *nb Mer tn.50.
Aug 1WX0 East Coast sellers. Best
unqooud.

WHEAT | BMOSr

jYestord’ysi +or [Yest’rd-ymj +or
Mnth olcse - | clote I —

Roma showed an increase to
L3L6bn ($24m) from the
L14.4bn.

Tbe results suggest that what-
ever toe pressure on bank de-
posits in real terms last year, as
customers shifted money to
higher yielding Treasury Bills,
this has been more than out-
weighted by toe wide spreads
operated between rates charged
to borrowers and those paid to
depositors.

Bjr Our financial Staff

SCHMIDT, the privately owned
brewer based in Philadelphia,
has increased its cash bid for
Pabst Brewing, toe struggling
number three in toe UjS.
industry, to $16Sm or $20.5 a
share.

The offer compares with the
$16 a share put up by Schmidi
last month, which Pabst
rejected as financially inade-
quate and not in The be>t
interesis of Pabst shareholders.

Before the announcement of
the new offer Pabst shares were
trading yesterday at around
$141.

The struggle for control of
Pabst comes at a time of
intense competitive pressure in
the U.S. brewing industry.
Pabst was forced into the red
last year, running up net losses
of $23. 5m. against a 19S0 sur-
plus of $12.6m.

Pabst is also under a nark
from a group of private busi-
nessmen who own 15 per cent
nr toe company and who have
been pursuing Pabst for more
than a year. The group is led
by Mr Irwin Jacobs, a Min-
neapolis businessman.

Hongkong Realty
strongly ahead

By Our Hong Kong

Correspondent

HONGKONG Realty and Trusf
announces profits after tax
HK$554.1m (USS95.5m) for

1981. compared with RK$106m
in the nine months to Decem-
ber, 1980. The group also saw
extraordinary profits of
HKJ201 .5m. against HK?270.8m
in the prior nine months, mak-
ing a total profit of HK$755.6m.

A final dividend is proposed
of 20 cents per A share and
4 cents per B share, making 37.5
cents and 7.5 cents for toe year
respectively. A special capital
bonus is also proposed, of 42.5
cents per A share and 8.5 cents
per B share.

without tec

I.G- Index Limited. A?
9-1 1 Grosvenor Gdns..

London SW1W0BD.
Telephone: 01-628 5699. ”5!

AMERICAN MARKETS

May-! 115.80 —Oja. 109.60 ,—0.20

July -I 119.09 i— 0X6; - , —

Sept.} 106.70 +0.06; 102.76 +g-l|

Novi. 110X5 +0X6 106X5 1+0.05

Jan ...I 114.36 .+0.10* 110.30 +0 •»

Business dons— Whaat May 115.90-
145.70. July 119.2D-1ie.0a Sept 106 70
only. Nov 110.40-110.30. Jan 114X0
only. ‘ Sales: 103 lore ol 100 toimes
Barlay: May 1(0.65-109.50. Sept 102.70
only. Nov 106.25 orrfy. Jan 1-10 30-
10.20. Sales: 107 lots ol 100 romras.

GAS OIL FUTURES

London la»ted to raapond to New
Yurie's limit up cloaa. o 00 mug sHglirty
higher but easmg quickly in line w»ih
me European spot market. Weekend
book -squaring boosted prices towards
die dose, reports Premier Man.

“wun

I 9 UX. I I

March B i--aj»U8.7Wijg

April J 256.75

May. 248JX) -1J8261.75-4W6

Juno.- 248.00 -2.W149JM4X0

July 247.00 -1X0S43XM5JH

August 248.75

Sept. 261.00 — 4.SC261JD0

Oct. 253.50 — 5,M[ —

256X0 l-g-M' —

■ Sales: 2.719 (3^70) lots ot K»
tonnes.

RUBBER

COFFEE

Trad* buying during a . quiet opening
encouraged small gams, reports Drexef
Burnham. Lambert. Short -covering and
weekend book-squaring maintained the
steadier trend although the advance
was somewhat restricted by profit-
taking at the higher levels towards the
doss.

~~ Yeats may's 1 j

COFFEE i Close 1 + or Business

1 1 — ; Done

ic pe r tonne. !

March.. 135580 +5.5 138 D 6 o'

May 1187-89 +10X!»fl7 75

July...- 11S8J54 +16.5)1163-43

Sept-.-. 1144-45 +16.0^115*52

Nov— - 113686 +1B.51 1242-31

January-... 118585 lS.OillSB-SO
Marc h 1115-40 +I 6 . 0 I -

Salas: 4.220 (9.094). lots of 5 tonnes.

ICO Indicator prices lor March S:
(U.S. cents per pound): Conqt. daily
1979 120.89 (123X1): 15-day average
129.70 (130.64).

GRAINS

Old crops opened lower, new crops
unchanged. Old crop wheat saw com-
mercial fend shipper setting during tbe
morning. New crops iWMmed firm off
day. Ach reports.

HGCAt— L ocational et-tarm spot
prices. Other milling wheat: Eastern
1-14.30, E. Mids 1-14.00. Feed barley.
Eastern 106 00. E. Mid» 107.00, N. East
159.00. Scotland 108.90. The UK
Monetary Coefficient lor the week
beginning Monday April 6 (baaed on 1
HGCA calculations using thi"3& days
Bach an ge rates) is aspaeiad' to iwnetn
unchanged.

LONDON GRAINS— Wheat U.S. Dark
NarSimn Sorrng No 1 14 oar cant Apnl/
Me-/ 15 114.50. Me/ 114. June 113.75
transit. pm-nt East Coast setters.

The London physical merlcat opened
slightly easier, attracted httlo interest
through the day and dosed quiet,
Lewis and Peat recorded an April lob
once lor No 1 RSS in Kuala Lumpur
el 207. C (210 5) cants a kg and
SMR 20 182.0 (164X) .

1 1 '

No. 1 ; Yeet'r'ys '■ Previous I Business

R.S .P - [' close ' dose j Done

i i :

May..—; 66.W-65.S0l 65.O0-5SJ01 66 J 2 B

Jan-MaT BOJO48X0; BC.7V80.6i 61.W-86.W
Apl-Jnel 6ZXB-B2.W 6*Jfl«.lS B2.W82.M
Jly-SepU MJkL84£0 B4A0-64J0 S4JMCM
Oot-Dec. 67.0B57.W B6JM6.70

J»n-Mchl fl7JZD.B7X0| . — 1 B»50

Sales: 128 (235) lots of 15 tonnes.
1 (4) lots d 5 tonnes.

Physical closing pncea (buyers)
ware: Spot 54.00p |53_25p); May

53.25P (53-OOp): June 54.00p (53X0p).

SOYABEAN MEAL

The market opened unchanged and
mowed slightly easier following a mildly
bearish Brer l Han crop estimate, reports
T. G. Roddick. Pnoas found commer-
cial buying at lower levels.

Yesterdye-4- oil Business
Close j — I Pone

per tonne' I

4pi1l 155.50-55^—0.16 156 JB

June. UljaWIA-OiS 15IX051JH

Auaust.. 151.40-51X. — 0J£ 131X0-31X0

October K2XB-H.B’-O.Ea 15L7IL5LB0

Doe 164A0-55X — OA5j 1KLS0

Feb 158.00-57 X;— 1 Afl] -

April — 158AH5X; *0-86! —

Sales: 139 (-1V2J lots ot 10 tonnes.

SUGAR

LONDON DAILY PRICE— Raw sugar
£148.00 ['£150.00) a tonne cH Mareh-
AprJ-Msy shipment. White sugar daJy
pnee £166.00 (same).

Pi rces eased some £2X0 during the
morning but aH the losses were
recovered by the close, reports
C. Czarmfcow.

Tate and Lyla dehveiy pries lor
gunnlatcd basis while sugar was
£374.00 (same; a tonne fob lor home

NEW YORK. Minch 26.
THE PRECIOUS METALS and copper
dechned on conainued tears of Russian
sailing and higher interest rates. Sugar
feU on reports of Dominican setting.
Cocoa remained under pressure Irom
the threat of Nigerian roles. The live-
stock complex wai sharply higher on
expeanoions of reduced kills. The grain
and soyabean complex was mixed, with
soyabeans lower on an unchanged
Brazilian estimate. Healing pri con-
■riiuiad to advance on exp aerations ol
an emergency OPEC meeting, reported
HeinoW.

Copper— Mar c h 66.40 (37.30). Apnl
66.45 (67X0). May 67.30-67.50. July
69.10-89.35. Sept 70.95. Dec 73.35-73.50,
Jen 74*25. Marsh 75.85. May 77 AS. July

79.05. Sept 90.65, Dec 83.10, Jan 83.85.
•Gold— March 322.1 (326.4). April

321.5-322.5 (32B.7). May 325.7, Juno

328.0- 329.5, Aug 335.5-337.3. Oct 343.0.
Das 351 .0-352.5. Feb 361 X. Apnl 389.1.
June 377.9, Aug 386.7. Oct 395.6. Dec

405.5.

•PletSnum— March 304 0-306.0 (314.3),
Apnl 307.0-308.0 (312.5). July 314.5-

315.5. Oct 32S.O, Jan 335.3. Apnl 348.0.
Safes: 2.174

Potatoes (round whites) — Aped 75 5
(77.0). Nov 77.5-77.7 r76.8). March
88 4-38.5. Sales: 284.

ISlhrei^-ManA 703.5 (707.5), April

704.0 (709.0), Mey 712.0-714.0, July

729.0- 731.0. Sapi 748.6. Dec 776.0-

777.0, -ton 783.6, Match 807.0. May
818.8. July 836.3. Sept B53X. Dec 879.0.
Jan 887.8. Kandy and Harman bullion
spot: 706.50 (same).

Sugar — No. 11: May 10.88-10.87
(IMS), July 11.16-11.17 (11.44). Sopt
11 .44-11 AS, Oct 11.63H.64. Jen 11.80-

Thursday’s closing prices

NEW YORK. March 25.
ftCocoe— May 1709 (1705). July

1751 (1749), Sapt 1803. Dbc 1850.
March 1900. Salas: 2.085.

Coffee—' ” C " Contract: May 125.75-

125.00 (129J1), July 121.30-121.52
(125.47), Sept 119.50-120.00. Dec 116.50-

117.00, March 115,00-115.01, May
lia.no-n 5 .OO. July 112.00-H6.00. Salas:
4.085

Colton— No 2: May 65 75-85 80

(88.15). July 67.75-67.77 (88.23). Oct

71-89. March 1Z53-12.54, Mey 12.75,
July 12.90-12.92

■nn-5B8.00-595.00 (S99.0Q-602.00).

CHICAGO. March 26.
Lard— Chicago loose 20.50 (seme).
Live Cattle— April 88.35-68.40 (67 62),
Juno 66.50-68.40 (66.37). Aug 63.50-
63.B. Oct 62.15-81.90. Dec 62^7-62J».
Feb 61.ffi-B1.75. April 62.10.

live Hogs — April 51.55-51.77 (51.001,
Juno 56.05-56.12 (55.12). July 56.95-
57.05. Aug 56.12. Oct 54-50-54.©. Dec
54-90-54.97. Fab 53.00. June 48.50.

#Mal*e — May 2711, -272 >, (271\).
July 2B1>4-281 (2S0>«). Sept 285-2851*.
Ok 290V2S0V March 304V3043*. May
31 2*2-31 2*4.

Pork Bellies— May 77.25-77,37 (75.42),
July 77.00-77.15 (75.42), Aug 74.70-

75.00, Feb 73.05. March 72.60, May
72.95. July 74.35.

tSoya beans — May 631-63H- (636*2).
July 637*4-637*4 (641»«). Aug 641 - 640 * 2 ,
Sept 6*1. Nov- 648-6454. Jan K84.
March 6734-

IlSoyabasn Meal — May 183 5-183 7
(184.8). July IBS 7-185.9 (186.9). Aug
187.0-187.5, Sept 188.5. Oct 183.0. Dca

192.0, Jan 193.5.

Soyabean Oil — May 18.78-18.76
(18.97). July 19.28-19.27 (19.45), Aug
19.44. Sept 19.60, Oct 19 73, Doc 20.00.
Jan 20 12-20.15. March 20.45-20.55.

tWheat — Mcy 360V2S1 (366V). July
388-368** (3724). Sept 3814. Dec 339.
March 413. May 419

WINNIPEG. March 26.
iBarley -March 121.20 (120.70). May
122.90-123.00 (122.90). July 124 30. Oct
§Wheat— SCWR5 13.5 per cent pro-
125.60, Dec 126X0.

lam content cl St. Lawrence 222.34
(same).

70.36, Dec 71.45. March 73. ID-73. 20 ,
May 74X0-74.60, July 75.30-75.80.
Sales: 4.100.

Orange Juice— May 113 30-113.40
(114. SS). July 116.60 (117.65). Sept
119.10. Nov 120 65-120.75. Jan 123.00-
123.K, March 125.00, May 127.00*
127.25. July 128.65-129.00 Seles: 750.

CHICAGO, March 25.
Chicago lirrni Gold — June 333 3-333. 7
(341.5). Sept 344.2 (353.0). Dec 356.4.
March 368.3. Juna 360.6. Sept 3S3.2.

INDICES

FINANCIAL TIMES

MarTas jMar. 2<Month aao pfaar kqo

2A4.6E 1 841.74 j 259^4

(Base; July 1. 1952-100).

MOODY'S

Mar. BXMar.84Month aaoTarwo
994.8 999 j! 898,4 jTl47.2~
(December 31. 1931-100)

No. 4 Yesterday Prevlaua Buafnew
Ccn- cioae ofose done
tract |

£ per tonne

May—.. 166X086.75 T66JHL56X8' 167.00X3.75

Aug 168.S088.00 1S6.BO-58.80ll60X6.57XO

Oct— 183X084 J» 1B4X0-64.B0] 168X0-63X0

Jan 187X087X3 1B7X0XSX0 186X0

March T72XS-7EX0 172X0-74.00 174X&-74X5
May..... 175X0-76.76 176X0-77 Jnl —

Aug 1BB.M-79X0 178X 0-78

Sales: 2.452 (4^610) Joa

ion nee.

trade end £256.50 (059.00) far export.

international Sugar Agreement (U.S.
cents per pound) fob and stowed
Caribbean ports. Prices for March 25.
Daily price 10.88 (11.16): 15-day

avarooe 11.18 ( 11 24 ).

WOOL FUTURES

LONDON NEW ZEALAND CR08S-
BRED5— Close (in order buyer, sellar,
business). New Zealand cents per kg.
March 370. 385. nil: May 381. 385.
388-381: Aug 402. 404: 401-403: Oct
405. 407. 406X-404; Dec 404. 407. 405-
402; Jan 406. 408, 406-405; March «16.
420, <16-425; May <27. 430. 427X26:
Aug 438. 441. 440-1 37. Salas: 82.

DOW JONES

Dow 1 Mar.
Jones 25

Mar. Month I Year
24 ago I ago

Spot 1124.45 -125.45 1x38.87! —

Futfs l ea se jia o .oi 155.1 4 1 —

(Base: Dec 3T 1974 -lOOfc

REUTERS

Mar. 26 .Max. 25 1 M’nth'agoiYear ego
1 590.3 '1592.4! 160 6. 0 1 1702.4~
(Basra September 18. 1931-100)

SYDNEY GREASY WOOL — Close f.n
order: buyer. sailer, business!.

Australian cents per kg. May 527.0.

529.0, 529.0-527.5: July 526.S, 527.0.
S28.0-5Z7.0: Oct 516 5. 517.0. 516.0-
517.0: Dec 521.0. 522.0, 522.0-521 m
Mar 525 0, 526.0. 529.0^27.0: May

531.0, 533.0. uncraded: July 540.0.

541.0, 543.0-5*1 X. Sales: 148.'

COTTON

UVBVOOl — Spot and sfripme-ra
pales amounted to 61 tannea. Sub-
dued offtake' did not bring many epara-
trans. Support was iorthccming in
certain spemalisi atytes notably in the
Middle Eeaiam range.

POTATOES

LONDON POTATO FUTURES— The
market traded in a narrow range afiar
opening tower Alan ember and
February continued ra (all. reports
Coley and Harper. Closing priCBs:
Aprd 13150. -000 (high iSl 30. law
129X0): Now exa -1 10 (h*ft 66.80.
law 65.80). Frt> 76X0. -1.50 (lunb
77 00. low 78.10) . Turnover. 5171
lots of 40 tonnes.

-'BHtfftjHmamff ram?*?- s

. • ; : ?: “.■ ■'• j L- - - ■■■. w'- i*-

(832) Boot (Henry) and Sons (son) 220
aImSEST* « 1 > 2 ZTb E2H?*? Engineer* <£n IMS* (23rt)

A * 57,1 ?»’•"*»
>^KcLfl 31 Urto-ai ]£1 P79i Boulton (Wlirumi Grow liosi 7*te *. 9

aaar^-'JSf’ ja iu *, Tr£ z ™ as*” 2 3 ” : 4 w

5«* An*** c*,. «i m st 0 ®, «<.* .*£«* a°g » « *% W J« •

Eunfflcm 1 ml Clap) 3U 0 BO 2 3
£¥■ IndSa 2 fii*

Evans and. Omn IIS

usega

Brady Industries A 90
5??£ l 5"nl Lerlwael (Sho. 1 ) «b Q 4 31 Braham Millar Croup flOpJ »K

js..“ijass* 1 sftsa ~ «?■» s&£s*<s&£ &» « »»

|Mfc Of Montreal SCZ) 10 b 124 - 3 . Sramall ICDJ 1 «H> L* « 2»*1

g«Bfc of N-s* Soutn Wale* BAiT i « x it? 3 rammer <H.| OOpi I»

Bank of Nova S:«la fjcij iffUAIf 8 82 B ran on (£1) 43

Bank Of Seodapd (£1)428 vj* 22 " 1 Bra sway flop! 75 * .

Barclays Beak (£1, 448 9 OU 1 9 k* e Breedon and Cloud HUI Lime Work* t!

«i $ 7 >• I « » «4 1 4 J- 3 Bramntr 48

Brown Slilpley mm., m,, 7Tn 8 ruiwreun (Hldgs* «10Dl 45 7 *« *j 8

Canadian Imperial B»*k nf° - Brcor Chemicals International LlOw 123

i«C2* 11,65 fid's) 01 CB * B4ner “ is 5

smsl'sssh w ft cauanuB jm «

c^BShn.- Coro. (ustiZuSn so gSSSS B g y p Jf^ 9 5 ?. 3 1 “
Clticero < 54 } is? <23.-3) Bridaort- Gundry <Hld»> i20pi 33 b 4

S^rUDlKOunt, HWux. ( 2 Op) 27 8 Bristol Evening Post 215

Pin De Paris De Pavx-n Bristol stadium <5p) 4 $ «2ai3i
_f Fri Qp ) Fr310 t2J3j British Aerospace (50n, 170 1 2 >« 1

“3"* AG (DM501 B3b. New 3 4 'i 5: 5
cSKre^.S ?'*, 5 «• British American Film Hldgs <5p) 78 8

wrartf and Matronal Z70 2 (19/3)

S'l™ DIiBOont Go. (£1) 140 3 British Aluminium (50nl 60 2 3 3

ttSP-JSPUfti u*m*m noo; is

Haxnfos (£Z) i 2 > 0-/3). OP) 119 22 ^ f" AUC, ' a " *** * '

HmsinJal-'G^^Itt 6 7 8 0 SO T ""*™ 1 C12 ^

ZRszsS? MtSSS^Sr B k \ ftTl Brifish omtoiw 30. speLn. iokj-9

Sramall <CJ)J t<10 >: iZZ/Xi
Srammer (H.i izodi l * 3
Bran on <£11 43
Bra sway fiopi 75 8

Breeder and Cloud HUI Llmu Work* 154
Bremner 4fi

SreHTHD (HldQSt Iioul 45 7 «• *a 8
Brenr Chemicals International UOSJ 123 4
1* 5

Brum Wad or |53) 73 5
Brickhone Dudley <10pi 49
Bridgend Processes <5 p 3 4 s i 64
Bridon 67 »• a 9»«t 70i
Briduurt- Gundry 'Hldgs* *20pi 33 ij 4
Bristol Evening Pest 215

Fin De Paris o« Pavx-n Bristol Stadium iSp] a$ «2ai3i
_<Fri op ) Frato r23]3) SrlKsh Aerospace (50») 170 1 2 >« IS

Bank AG (DM50> B5b. New 5 4 'i 5: 5

British American Film Hldgs (Sp) 78 80
Cerrartf and Matronal Z7Q 2 <19/3)

S'l™ ®rM-, Dltoount Go. (£1) 140 3 British Aluminium C50nl 60 2 3 3

8 Smfti 7D 1 3 4 b 3 ,f W* ^ CWt,en, * nB {1W 15 4
HaAtfos OZ) 12 > (24/3). OP) 119 22 ^ Auct,an <*** « -

FMC 54

Falrd oug h CgogtfpeGBP 181 2 h 3 s- 4 h
F rT 0 Sl 12 T * xa! * 1 * 50 ’ 17 «H3J. A non-

Fairiina Boats tlOal 41 2 i23.'3) Tim Ifst Mow. m

FS^rs E wTiilo P ’ ,04 ‘-‘ 5 6 7 8 taken with consent fra
Famell Electronics <20 p) 640 2 3 SO l not be reproduced win
Fashion and General Invest. <5eJ 210 ■ done in the 24 hours ii
F efijntl. A non-vtg. Bg 2 *23'3) ■ EachanpU T,!«n*r cries

Feed ex Asnculfurii Ir.ds. hlCa) 33 ”*• prices w ftp

Fenner »J. M,i 164 4 denotes tho dsy'p high

lSS3r,ISS s &1 IT,” • 9 ,M : . F S*“ “SS

Ferrv Pickering MOni 74 List, tho latest ICC Of Da

Fidcltrv Radio tlOn) 4SQ is given with retevzn

Fife indmar 135 6 8 40 2 Thursday in each sacta

Fin lan (John) .I0p) I4B: ■

Finlay (James* 912 3 othoTwmo mo reared the

Finlay Packaging (Sol 26', 7 ' • Bargain at sar.u

Flrmln and Sons 72 <24131 i overseas nuricet a Sar|

First Cast In Electronics HOp] 35 6 7 $C — KUnadlan: WK — SI
8t>:. New ON- 1015182) S3 Q2 3*. i SNZ — INew Zealand; 53-
New Ord. (29/31821 21 2 I; 3 >: 4 '• j

Firth (& M.l flOn) 200 f L<4ati Int-rens (Sol B4-'i

Fisher r Alberti iSpi as U 5 h 6 V Ln/88
FKopS (£1 ) 24B 80 2 3 i; 4 51 S 6 7 8 ...r.sTi »10p« S3
Fitch Lovell <20 d) 73 4 s ! '1001 312

Fit* idWltlun {ICO J5) 28 ft I LnPcv Got 12 3 if* 4

Stock Exchange
dealings

WaRim- & Homer (3m 4
Wattr am Suit Hwa (Ml 13 (24.31
WiKrC t W. HHn 10 1’|« U
Walker ItammsSkS (23i31. NV 30 1

ffUker fThomaxi [Sol 131-
Ward r-'fffim, 109 It 2
f Ward Wdgs (10M SO 1 . Dfd ClOol 39 40-
I Wj Z25. 7*;DC Lh 37 .'2002

dealings

111 I WWW [ Wiring A GllGw <HMa»H04 >i 3

? War»w Commurdcattons Pill 32li

The Itet Mow, nstricted oaiiity to uOuitms and ceawftlMB stodkA. his boon Watw^rtaamoriUl.olt 1 ! 9 is 30

: &£,'?^Z££gl3r “ Tta * lw - -«w - sto« s^£*HTfaV, iiS:S

Financial Times Saturday March 27 19S2 ..

4 i-pcOb. 144 <2af31 . BP 268 ri; 3 U • M: M i- l i. ]•

iDfcttMBOMf lav. rat. 990. WttT, M NtB^ »j f»? » * * X 3

R ti „ Bunw»<t 09 161* IM IQ >t L t l ,

resting In Sunns' EaoilM IWh ** ,.212 i f. St > 41 3* _ . ’ ^

investment TP- ef GaerBsm iSOel Kl Conturu Otts Upa UOol 91 3
(24: 3 1 _ . Chanarbail (Spi *0 '*'»'« I u h , ,

fn«*m«r* Capital Tit. 10* B * l, .t,; •, ’*1

Jaaaa A«*a Tst. iiopi lBit **■: \Bh CunnMw NliWwm 89 70 i -
Jersey GeowM ln». JM. |£D 14Z comoacw* frw*» Otl FtfnMl |'ii

3oc HldgsJj73ia Utfli <»Fr 50 ) IBS. ««■!» »

)oc rildgs. 73U (24*31 i ( f Fr 50) 10V MB. It

Inv. Tk Inc 11«»> *** * *■ «». Dam. mnUiki 401 l» 12 ■

(ion) l6>x hell JJl„

*, Tt(. |L1) ill 12431

, ... i SaSJg’ if&l S”

• List, tho latest recorded bu^.neu dong during Dm previous four bosinus devx WMewoad «si,
is given with rntouam *ks a/jpended. The number of b area ms dam cm V.°. r i

i «— —

' i Bargales at sar-Hi prices & Sargam cone wdh a noa-mc«bw or to Wetr Bromwich Sorlen nap) 10V {24.’3l

; overseas market O Bargams dm arvnmn day M — 3AestraUan< it-SSSJ? Western Roar a Mills (IOdI 173
SC—SC^riUn: SHK—SHBBfl KMf : 1J— 5Ja«4<ae; IM^SSmS; immSSSSS; * Wpmut (20p) 41 3

w 12 ” JJ2 B r _ ,, , 24 ' 3 » rnurgy CapiJa' «»•*»» 4j (is-ji

8&uFlS?cS?tJ£l 203 11*3). New «-•«' Com *h» lio.Bn

S4 (2213) Impenal Coal w* auat.lU) 1U s • .

Lon Don and Qirtnwi In*. Tit, l50») 56 ) i W ■ IV) 1. 4 KI.ii

114 S«»i 7 7 II 64t (24'3) SCK» 79», 81 2 „

London and Knivrootl Tst. 138 9^ KCA DriBha 5J * '» I HM i.

London ana Lcmhm Imr. Tat, 4* <; (24131 KCA («nerna(l,>a«l M 7 8 *t i, U fl on..'

London and Lomond In*, wt. 102 i W :

Lonoon Momriau uwm 111 9 (23»i Laadoa SeoNish Mo* Mo Oil 38»>: Hi u

us snauMusr- t %%&Lt

MfiMnian aww ft iM.s 4i5> •

$C— sCisadian: sHpc — SMong Kong; 1J — 1J*«a^a<L iMa — TMaftran SM r r ErT ? ,.
SNZ— SNew Zealand; 53 — ISmgaaore: 5US— SUmtM States; SWMMw ‘

Lerth Interests i5o» BA'a 7 8 9l. IQk . SvdUhnicn 222 3 4 6 7

L n , DC i * — — -- - 48 a re. . *

Lake view Irw. W. 1 36 7
Lancashire and London Imr. Tst. 71 *a*
Uw Debenture CoSTisb 9 (24/si
Lada Inv. Tst. Inc. (ZM 37 •> Cap. <Sp)
84 (7713)

London and Oartmare Inv. Tst. i50»)
114 6^S: 7 7 11 84t (24 > 3)

London and Koivrood Tit. 138 9V
London ana LcnnoiTmr. Tat. 4* J; (24/31
London pud Lomond inv. t«. 1C2
London Montrose Invest 116 9 (23/3l
London PrgvineUt TroM 197 B *•

London St Lawrence lowest (Sp) 28U n

Umm Strathdvdf Ttwt 71 2 «3i3)
London At tent k Invest SO (Z4131 , _

London Invest (SullB't 21ijt >j .Hat 2

Wntiann 97 8 9
WhatUngs 32

Whatman Rom Angel 228

Fleet Hides. >20ul 22 i- S >r 4
Fletcher Challenge NSO.SOi S3 5 (23)31

■ ftesPand 184 5 6 u
sa H* dma e H tv nan Intn

!i<«4 ; *r%i A ■^ a>a,

I ird. 27 6 7-;: BS - ** \ £«* |o«P9ve (tOg)

Kjtinwoit, Benson, Lonsdale ■ 2£4 N
. 8

British Mohair Spinners ,4»i» 50 t*

Uoyds Bank (£1) 430 234Shi*6 Britl^ Northro p_(80p) J>. . .

f : 7 8 9 40. yi.pri n 1 22*j i| 3S British Printing Comm Core 33 M 4 U-

Manrtlcturers Hanover Core 57.50 171* Brfrf^^'Sttim 8 Spedalitlcs Group C2 Qp)
Mwrury Sec 210A. 1 2 3 S 104 Si : s t M , ..

M Hand Bank ftn 343 4 5 n 7 8 «- 9 British Sugar Core. (SOu) 430 5 40

50 1 Z 5i. 7'recLn. B3 93 6B 9 -'a '* Br.r.sh ire non Inds. (ZOo) 21‘« 3 4

v.njtvr A‘SC« 67t; 8 ■■* Br.'tish Tar Fredueis (icu) 40 i»

National Bank of Australasia CAM » 150 British Vending Industries (10 p) 13 (23.31
;<i<Honal Wes(minVer B*nk r£li 425 E 7 [ British Vita 144 5 6
K- a 9 30 1 •: 2 3: 3 1 - 4 ■- *i S 6 1 Bn^khouse 36

OtaiMn Bank 'Bri (£20 wtih £10Pd> • Broken H.ll Praurietan. (A*21 444 7 4

Con Ton spat, (i® Si j Tso 2 3 l- < ■. S 6 !- 7 8 9 SO 5 6

Ora Rre*h»rs 90 fZS'S) j Bronx Engineering (TOP) 16 !;

F oikes (John) Heto (So* IS. Nor-vtg.
Onf. 12L 3 •?

Feenmar Industry Invest. 75
Ford tail. Capital Com. S 2 I, (23.31.
7 Luc Cm. 710

Ford (Martin) < 10 p) 211 - 2 71 3,:

Form I ns ter nopi 112
Fortnum and Mason <£1l 702 (23.31
Forward Tech. Inds- SB 40 *•:

Fotcco Mlnsep 209 ij 10 1 I. 2 . 8 '-cc
Cnv. 127 124 3). lOp: Cm. 121 >24(3).
Foster Bros. Clothme 53 4 '« S
Fester ‘John) ants Son 25' ■

FothnrelB nd Harvev 127 8 -23 3>

serves Hf J 4 5 6 7';: BS.
aer. Wis. for 1 Orfl. 27
Inland Paint Wallpaper 3 a:- 5: 3
Lev's Foundries Engog. 19 :

LloerTv 128 (1931
Lillcshall (lOpi 34 (24>3:

■-•Bey «F. J. C .1 171 4
LinCrDd KWgoor (10pi IS

Lirtcod 2 f; 3 . 12 at

Unfc Hog* PhUtatians £ 20 n) 231 *

■ . Uv,*. 8 <2 j, 3>
vaster 32

■ LiUtrscoi Daily Pest Echo fSOsi IM
1 ■ } Hldgs. 39 ;■ 40 I, IZ4 3)

ft 7^7 9 90 sgaraatv «••-««■ «»■

*oup hi 78*7 B BO £ Wvwar 9 Watsoo* riwgs OOP) 31a 8 * 1 * 1 I M.and_c Mcond DerU.Inc <l«W BO*!! *-

London Atlantic unmet 90 fza/3) _ wjrrw»« c iarrMfiv it!) *?Ao m*
London I even tSp)18<* 21ijt ‘a .»•» * cm^aT PreSScM* I MM) 3) « 4 4?* o*g

Lomlo^ Merchant Sea 37 B 9 SO. Old p^^ctnoartv <50.831) tts q*,,

. *1.3 _ B— ;-r fmmAUUrI qiiiuU. .

ZK; 30 <22131

(24,3)

wh 1 recroft 88

KjodWref. (£I» 274 5 I; 6 7 K 8 80 Whitt Ingham (WillUmi HI dps (12«jp) 1
Reliance Kmtwtmr Greuo i20p> jw, Whitworth Elec Hides <Sp> U* B ■

Bfhwn FANS. 103 ^ Wholesale Finings n Op) 220

• W en U hl <£ 1 > 37 8 i- 9 40 I Wigfall (Henry. 130 3 4*r

I Bentakd Group ( 10 p> 135 7 Wiggins Gp (lOpMOS 6 7

ipzz&ss — *’> »* nsiHaaSi^ 5 * r

• te e 2 , ’ 1 *■ ^ tos SfjJJtt 70

Premier C0M0>Wkted OIHHM* <5*1 40 t*

1/11 lit i> ai it 2 ■■ h b »jt *i r)'i|

Ranger OB 32 I 36L 1 9

Can ( 4 p) 49 FVtrnJvuui ffl 10 ) ni 4

MefUotTle Invest » «*• 4>wcDb MBS Trading fRtg). W 1 8 |

asfe T !!S, a i& VL uum oL’W/ M) t" 3 11 4 *=■ 1 * »■

Montagu Boridn Invest 38 lj A 1 6 . _ _ .

MoorSSe Invest 1321; 3> (23/3) Ultramar 373 B *; 5 I '« T 1 , J v

Moonidt Tran 66 ... .*« 9 i» 60 > 2 ' •

Murray Caledonian threat 78 7H. I Weeks NvW» RtflJ nHLtgj.

^rSSi Ctydesdal* Inert 82U. * « PROPERTY <HT)' : '

Murray Oleedevo* inert 538* Aided London Properties .10u» *7 S

Morrar Northern Invest 77. 8 73 flS/3) AMnan Lorddd hewilfi 194 3ij
Murrey Western Invest B- BO AmigHuited Cstann (3o) 27 U - -

1 24|3* ■ ■ . Anglo MctroaoHisn 74 5

New Australian hr*nt BOM 73 » Ap«x Proocmes UOol 125 7i. fja.'jj

New Oartvn 011 631* -T -9**. VifWiffi -AeoB'SecurltufS < 8 pl JO'; UL3I “

New 8 Thragmorton Inc I9ij ZOij. CapLu RSfo^TSei* * tV - ! 92*4*3 *** ° W>

iJSS'Ai Invm l30o) 101 . Warrant, V * ^ '”**'**

Otovdo CoBsatOng Engineers 470 83 500i

Richards rlOot 21 «■

Wertgarth (SQM 25 I; 6

Rnval Bank cf Canada (SCI* 10'i .96 j Brook Stmt Bureau of Mayfair "(lOpi 25
^2^ 3» * a

Royal Bank of Scotland Gp 108 9 10 1 *„<** Bond Group SI <i 2 <i 3

■* *; -» 2 N i J i 3 4 Brooko Tool Engineering (Hldgs) 16 8 9

Fehreder* (Ef* 430 *■ 21>«

Smith. St A ubvn H ldgs. 17 * 9 40 Brooks Watson Greuo flCO.20) 26
jtandard Chartered Bank C£1, 650 5 « Brotherhood (Prterl CSOn* 128 rzs.'S)

Torcmlfr-Dmnfnlori 1 “nk (5C1, i 2 i. .7 W 8 9S

^“V 01 *' 00 "* CO °' L0T,dOn “ 1J 450 bXS oolno 57"8 W. 1 !^ N 1
W®htrS, 5 t *20p) 179 |^nl^ N 65' 1 r S W ' tS ^ 102

BREWERIES <337)

Allied-Lyuns 61 2 i; 1 >:

Amalg. Distilled Predia. (lOp) 79 60 1 2
Base PLC 224 S 6 7 6 <:

Bel I haven Brew. Gro. IS 9

Frauds Inds. 72

Francis Parkrr (lOpi 19'- 20 -‘t:

In. 64: : (22*5)

Freemans 136-S

French Kler lOSij 6

French (Thomas) rlOol 1330

Fried land Ooogart 97 100 1 f;a 2'--l

Futura 98 (233)

G.B. Papers 21 «-

GEI Intcrnatl. (20 p) 71 2’. 3 4

G.R. 2S7

Call I ford (Spi 63

Brunnlng Crouo 96 (24/31. Rrt-V 790 Garnar Booth 76 8 9 M. 9ocLn.
Brunsons (Musselburgh* 11SL (2413) (2313)

Bryant Hldgu 9* 9 M 00 4» 1 i 1 Garton Eng'p (IOpi 21 2 3 <24i3)

Bulgln iA. F.) (Sp) 23 (24/3). A Non-V cartons HOp) 9 124:5)

I nI.n~.oiI I 7 fi n Gaskell Broad loom aOpi 42 3 <Z3.'3>

iss tr i687a b 9 , ?fts CZ0M 48 424,51 SSrenKW* M«r

1 I 5? J , I ‘4 71 * Geers Gross (100) 13»N

i®raS^ «“««*■ * N - w sr.'&A’ssjn^

BoredSe Invests HSp) 7 Ganl. Electric 807 70 1 2 ll 4 S E 7

j B^.U.T.«h.re Hldgs 790 800 3 bob 20^2 ^3^4 L-5^7 y.

Bell (Arthur) and Sons BOp) 182 3 4 S Bulraer Lutnb (Hldust (20pl 4B (24131
1; 6 7. SlrPCUi. 144 :* 61; Buszt 168fia 9 71 41

Badd, notons Brews. 146 8 52. New (fp) Barco Dean 37

146 6 SO. 9:^cLn. 114 i Burgess Products (Hldgs) !

Border Brews. (Wrexham) 86 90 I 39 (23131

Brawn (Matthew) V34 (24.3) j Barndene Invests ft Spi 7

Bu'klcv's Brew. 46 Burnett KalTamshlre Hldg

B Ulmer (H. P.) 36B 72 7i< 10

Burtcnwpod Brew, ihorshaws) 407 12 Burns-Andereon (10n) 28*2

cfaric 3> (Mitthswi Sons (Hldgs.) 1*38 60 ^y« ,, 73 <S 4 0UP *** W 172 3 4 5 -

S^g B h r, '?J.” , n- T7 S 3 (2313) Butte rteW- Harvey « *■

Distillers (SOn) 172 3 4 't 5 > ’* 6 I; 7 r T 1

Greenall Whitley 1 1 B 9 20 >: > 2 Lt tS. U

-A tSP>.34 a*-3> CH industrials <10p) 19,

Cable Wireless (SOB) 1

Gre-ne King and poos 290 1 39-64 tfts: z: XV ,.

Grimtess 'Arthur) Sons 78 7; 7 W *: 5 9 _ 6 -® L 7 !i J. r.

sot OO L-jaourj itnwcppc*

Hflrdvs Hmsons 363 Q^*3) ^ . an® w « rn

Hrghland C20 P> 75 G 7 U H 5 •

uiQuifM 71 Ci Ira ca.) Sons ifii) wj

Holt CJosePft) 561 h 3 <23&) Robey (IQp) 117 04/31.

IrtS^DlHSfens^lRJEOJS) 45 Caledonlaa Asscd Cinemas _ 855.(23/3)

Maeallan-Glenlivet 461 ). (24 3) Cambridge Electronic I

Macdonald Martin A C50p) 350 (23/3) Camlord Engineering _V - -

Mansfield (£1) 34S Campari I mpl pOvf S*

Mjrstco Thcmosen Erershed 89 70 1 la Camrex (H/dgs) (20p) 38

Mori and 21*14. 04/31 Canadian Overs Pack Ind s S3fe GMI3>

Scottish Newcastle FZOd) 521- 3 4 Canadian Pacific Enterprises 7A

s-auram (rod 23 U (2403) canning (WJ 63 4 5

South African reSJSl 170 1 Cantors A Non-V ( 2 Op) 3A

Tcraabn 45 6 7 1 Caparo Inds 28 04J3>

Vauv Brews. 7 33 5 6 Cape Inds 1 GB 70 3

23£i«3 A 96 7 8 9 100 J. cSSer-Nrtll riOp) 531s •

Whltfjmd Inv 102 *2413 Causeais <5 p) 47

Welverhimpton Dudley 189S 90 2 3h cara^ms Intnl OOP) 17*1 Bis 20 (24/3)
Young A <S0p> 243. Non-vtg (50 b) 197* CareloEngg- Group 56

39(23/35 Gael. Electric fS2J0i £35(p*

Burimehe Invests riSp) 7 _ Ganl. Electric 807 10 1 21)456789

Burnett HaiTamShlre Hldgs 790 800 2 10. 20 1 2 ■; 3 •; 4 l; 5 6 7 8 9 30

7:. 10 Genl. Motors 51 a j) 541 L £22U (24 ‘J)

Burns- Anderson (10p) 28*i _ Gcrtetner 67 rlB:3). A SB 9. Do. Cap.

Burton Group (50p) 172 3 4 S >3 57. TOoeLn. 7Q(- 1 1« J.

Wts 73 4 , Gibbs Dandy MOpi 72 80 Do. N-V

Buttcrtctd* Harvey 15'* 6 *» A non) 21i ;

Gleves (20 pi 34

c — D CHI Dullus 139 40 1 2 35 3 4 Si

Gillette C511 18*;

CH Industrials (IOp) 19 . _ GlaoSeW Lawrence 47 (2 2:3)

Cable Wireless (50u) 243 41 4 St * Glasgow PevtUon (lOpj 36 (193)

6! « 7 i; I t , . . Glass Giorer (5u) 128 (23. 3;

Cadbury Schweppes 99 'i 100 l U a k Glaxo Hldgs. (SOpi 514 5 6t 6 7 8 9

(Wm . 2 »7.= ?s , JLS, V h Jam 7 •

Calrd CA-) sons t£1) 255 60 _ • . Gknsoo 75

CUhnbrrjd Robey (IOp) 117 (24/3). A clynwed 114 I- 5 1 - 6 7*.

cilSfon^ Asscd anemas 855 (23 1*)^ i^SZT 1 ,?n , e,

iz'h l 22 3 4 sS^'V" 001 57

SSSS sai'ota ? si H Gp. 28 (ia-3>

■ ■ onslen Industrial Hldgs. 4Z Rowan Bodca 24 (17131

. Lgnriio 7' 2 s. 3: 3 ■ < ■ . ). g aw ° Ir <T. Mackintosh <50BI 162 3 4

•1 5 •’ 80 ' 1 ’*■ Rowtoa Hotels 1S7«- 40

. Unifljii UDiVAn>! s&'i Q ■ "Oval Worc wt tr 175 SQ

i * _ - |ir .T rB S3 <21’31 ; Iteb^Oid tt5 *: 75 *tj2

I s ? (23 - ,3 > Porrt ** s Cement 94 h 3 U ?* S

| (Fp. PAL) 226 T^l^zllX *° S 7 ' N '* ! 5“^{ lAleqeder) rlOp l 144 6 8

L sr fg^Ty^ ?” » ’ 124PC : 03,11

i &*« ^ iftra? 1 ; ismjvi I 2 ** 1 17 02,31

‘a'V 1“ < S « s 7! 7 Saga ttohdays rMo) 155 6 8 9 60

Lri« «>• JSS> ’?? s * ! ^Ts'i's 562 s, 70 3 5 7 * w:

Lyon 6 > Lyon 70 L22i3) 1 St George's Group (IOp) 99 100 W

MF. Furmture Group HOP) 82 1 ,DM

M.K. Ekctne Groao 33 ZS 67 .’« 1 J*h Tlluey 210 *;

M. L. HkXrs =65 4t 70'» I *»« (H.) 21 S. A 110>«

M. Y. ' Dart (IOP) 28 Dfd ClOo) IB i *■""»«*»» Film Service <20n> 130
MM^^PharmaoeuttoK (ZOp) 161 3 4 1 M turuy and -Elder (Hldgs) (SOpi

Mccorauodaie * Co. god) irk 1 1 « s 31

Bros 100 1. 1 0uctn. gJJ ?•« « «*

Mer.Laflaa <P. & WJ C20o) 34 Grow 14B 8

Macphcrson (Donald) G ram &a 3 **" ’>

4 194M. 6 l t'ZZL H -' ' ,0

•a® - ^ 0te-d,,WJ * 70rt 59 I S^ RSherlson 23

Mawfere (HidSlTBZ 3 4S6 7 s £Sf , B /7 , * rt »«* European Textiles

1 ft-rw . - v 1 1

Matter «V 6 i**t 7 *' i ‘’W 155 6 9

Williams. James (En gi neers) 70
Williams (John) of CaitPK 20
William* <w.j (Kldos.) 23 (24 3)
wills (6 wp>) iHIdri) IDO

Wilshaw SecnrltM 17 „

Wilson (Connolly) Hldgs. 195 8 7 200
Wimpev <Georee)-10B 9 10
Wire. Plastic Products • top) 412 033)
Wdlsnler .Hughes 370 5
Walitenitolme R»nk 1 17 3': ) - ■

Wotverhampipn Steam Laundry i5») 88 9

wood lArthur) tiongport) *5p) 24 (19‘3)
wood Hall Tl*. 213 „ „ _

Wood 6.W) Grp. .2 On) 25 6»< (24|J)
Woodhead i/eoxtl 31 /( _ . ■

Wondhonsr Rlxon iHMgs.* *t2**P) 20
Woodward ffl.l I12i.pl 25 >24'31
Wool worth if. W.l SO I. 1 21 'i, _,

Wormaldf. Walker. Atkinson 4 1-64 3 't
<22 3>

Wvatt (Woodrow) Hides- (5o> 7
Wvodham Eng. (ISp) 70 >: *23 3>

Yarrow (SOp) 305 (7413*

York Trailer Hldgs- (IOp) 13 *

Yorkshire Chemicals 35 6 9. 12'sncLn.

86*: *22‘3* . ,

Yorkshire Fine Woollen Spinners i20o)

1*'( ‘z <23 3)

?ss, M m < irs5iJ , sini’4i> s

Zetters Grp. <Sp) BS <23/3*

FINANCIAL TRUSTS (442)

Altkcn Hume 20Z 678 . .

Akrovd. Simthers 17S 7 B >t 9 M Hi.
Ando- African Finance «7*sP) 26 <22<3)
Amour T«. HOp) 12 3i s .. ,

Assam Trading i Hides.) BjlOpi 67
Australian Agricultural (SAD.S0) 133-

A^V\nrttr InvoStmeota QOrt 6Z <24)31
Bonusbond Hiogs. (fill 7S®

Soustead (IOp) 83 U 4 J .

Bricecwater Ests. <50p) 410. 2! * <23(3)
Britannia Arrow Hldas. 4b «: a 7 ij. k

efty^of Aberdeen La^ aIsci*. CSOp) 495
_ (23/3) . _

Uftranar m 4 ':1 B ’t 7 1 , 8 u
\ 9 I) 80 1 3-':

***">•** ntflj na.tBj ■

property (ar) 1 :

AIBed London PrepcrtieS >10 p» 67 9

1928^ Investment Trust 87S ,

Nurtn Atlantic Sees. COIL 133 5. TijpeL*.

NOTth British Can t IS 04'))

North Sta Assets <50u* 130_ . •

Northern American 133 4 SpcLik IN
Northern 5*0. Tst. 243f M <24.31
oil Awoea. 79

Outwieh 43

6 T Vs 9 80 4S

RlghuTand Issues Inc. 39. Cap. 33 8
R.vcr Mercantile 123'* 4 s_

River Plate Geo. bacPfd. 33 G33\ Dfd.
)lo

Robeco (Br.) (7150) (Cpn B0> as 04.3L
teivsha.^tMs^ Nat. Prov. . Baron fyii)

"jss^iVzr 4 - Nat - Fro *- Mnw

Romney 117.- 4HpcLn. 112 (20? 3)
RmWwjI Wi 53 C193L Cap. 148

Save ^ Prosper Linked JnC, (IOp) 153. Cap.

yoffrt* 1 SmetWy i^Oe» 133 4 3 6
Scottish. Metreralc 183 22.3). A Non-vts.

capital: Counties IIS 26 7 •• 8
Cardie Prapanv uoo* mnah
Ccorravlnciit Estates CZDol 183
ChesterBeld PreoertiK 380 iii3)
CburelWurr Istatas. 893
Chnrchfcurv (states 833. Burl n. 214
OKI) ’ *

Clarke. NlckoWg Coombs 118 V 04'])

Control SecunihM <1M) 39>j -40 T 134 %)
Country. New Town Prouertiej tTOd) 4a>i

□eaten Hid as. 190 2 3
Buts Estate* flOol 18'e
Engtlstr ew.- ltocUnsLi*. 8 »f«

EsWey.TYas Pty. ®5 2 3.

|we!t New Northern fltn
Federated Land 142 3. *

nsrswm

1B9 <22 31
kotr.ui Cities A
icatrish Eastern

7 (23/3) .

U h

) 1 J± 2 3»i

'Sis.tSOP) " 410 ; as 3 <23(3) Scumw «&Tfc*lSV M I.? 1 * '
Britannte Arrow High «f >* U 7 * S," KSSTw M 7 S

City of Aberdeen Ls^ Assen. CSOp) 493 sSoetl»n Northern inyestment Trust 9

'KB* “■ mMJ gSgk 5KS?.S3S7?oV. '/ ^

ComMoute Financier* De Sue* (FR150) Second ,48la«*J rnnwj 259 40>a

Shires Investment tsoo* 128

□any Mail and Gen. Tst. CSOP) 390. Do. Sccwitin Trust of Scotland 1112
a csopi 3B7. SpcPf. (3bo> 16 <23 3) J Sphere In v estmen t Trust 160 <23/3)

Gomme Hldgs. 29 1 ; 31

W! s? 1,5 «

Goodwin <io p > 14 5
Gordon (Lulsi Gp. (IOp) 26
Grampian Hldg*. 57 8 9
Grampian TV (IOp* 40
Granada Gp. 230 1 2 4

V 43% ' " "

Marshalls Halifax 93 4 na si

TssP^ns*' » “ 4 ».«

Esn. , ^r?, l .? ka ‘ a “ *>

ffi^.'SS£&‘» S a?<^ A Han. \

4 0413) j 5reimr~ Englneenng Group 23b 41 ,

82 3- 4 3 6 S 8 . * Sharna Ware <20o) 13o
rera.* vr*' ««»

f 1*1 u it

m 222JJ* , h *r ,,,Mg f nt 3S <22 3) 1 A 429 <23 5)

1 Share# (Curies) dll 495 510

HW «- 124 3).

C OMMERCIAL ( 10 , 837 )

A — B

AAA Inds 38 <24/31
MMH nlbBS fii
mo alec.r<eilc K rods 112 3
mC cars lap) 42 *44)3)

Mu m >a a14|

Aub iteseurai (top) 273 5 1* 8 BO
Ml Jnasa /-rods u

miAi mugs LauP) 265. 101<PCUnsecLp 182
*24/3)

Aaro-T»an Bros (IOp) 30 3
Aooey UrfiuJidi l £04 <24ft3)

Aoercotn Grp <ftu.30) 110 7>i 8 20
Aberdeen- Construction 21 u 2D
Aflercnaw Urlstoi Channel Port Cem 350

AuwwOd Machine Tool* non) ills 04:3).
urd </.sp;- 12 't$

Acrow 70 <22/3). NV 42 3 h 4 h
i; S- hpcLn 54
Aoams Gibbon B2
Advsncc hervlces (IOp) 51

Carless Capri Leonard fflOo) ISO's ii I )
t 4 s « 6 bt
Carlton Inds. ^*5 <23-^)

Carpets Intnl f50o) 16 b
Carr (John) (Doncaster) 82*« 3 4
Carrington Vlyeda l 3 : ‘h V Ii 4
Carr on Co CHldBS ) 30 2
Carr's Milling Inds. 74 (23.3)

Carter Hawley Hale Stores ine. CSS) 8.3

Cvtt^’gtit iRJ (HldgsJ 41 Op) 15 •

Casket ISJ (Hldgs.) IOp) 27 C24.il)
Castings UlOp) SJb LiSD)

Caterelllar Traaor 27 ‘t 28/3)

Cattle's (Hldgs.) C 10 n) 24 5 G 6 U
Causton CSlr JosMh) Son 31
Crwoods HldgsT97 200
Criesbon Indl. GIQd) [» 4 ^

Celtic Haven <5o) 30 Is « IS 1 *»25
»*S * _

Dawes (G. R.) Hldgs- 4 5 >m <2213) Ster
East Of Scotland Owshoro S3 Stex

Elders (SAD 243 SO (22,31 Stoc

Electra Invst. Tst. 56 '-8 h < 2 <

English Asscn. Sre. lT 8 *s 80 Tee)

Ersklne House (nvsts. 42 Ten

Ex-Lands < 10 oi 1-18 <24

Exco^lntnl, OOP* 195 6 7 8 9 200 1 Jim

Exp I ora; km* Co. (Sp) 35 C24J3) Tltra

P. aad C. Enterprise TSt iiop) 16b Tor
First Charlotte Asset* (SP* lO Tran

First Nat. Finance Con. nos) 32 7i 7 U
1-5 b U 8 u: H Ii Do. Writs, to sub. 2 b

1 i52^“i4 rt ^id1s.°M°l , o 0> , 2BS I S®W3S SSSIS t&M 1 *

^r»eii s Ew^wlvfr 150 1 Melody mi|i« 1 i t ?A tv

fflsssss; "Aist/^a/'iozo 27 iT ?' 7 m Ekc -

Car Companies (IOp) 28 9 31 | Mcnries (John) (HldgsJ 230 12413)
'Srovebrtl Go. <5o) 6 7 Metal Box <£ 1 / ifig 72 3 4 *. I s h a

GKN_<£1) 156 7 B 9 1« GO 1 *t 2 3. Metl ensures Grp. 127 8 if 3
6 VpcCnv.Uns.Ln. 77 b 8 Meta I rax Grp. (Sp) 49 * 4 50 hi

Meumee Jcntleue if

HAT. Gp. 89 V h 90 Mcnor 10. DM. 7 <24)31

feSiJS Ena. «„ a..,, ^nsrte’jp.m”

** s, =- ssa amftag ?,t

Melody Mills 16 (24-33

^ 273 e T?' 7 M EkC - =««
Mendcs Uohn) (HldgsJ 230 12413)
Meta Box <£ 1 / 169 72 3 4 V S 6
Metal Closures Grp. 127 8 31
Metal rax Gro. (Sp) 49 ) u V 50 h 1

MeKO^I I rf.* J DlSy r 7 24)31

; Shiloh Sumners 21 119/3) ’

i “***, «50p) 164 5 7. New <S0p)

sterling Trust 220 1 b. SpcLn 95
Stoekhokfcrs I nve s t ment Trust (11) 98V

Stockholders Investment Trust ija 5 6

<24/3)

Technoioav Investment Trust 158
Tmnpte Bar investment Trust 120 1 b

(24»3)

nwrojun orton Secured Growth Trust 25

Throgmorton Troo 116
Tor investment Trust ioz 3.
Transoceanic Treat 77 8
Tribune Investment Trust 97 <23>3)
Tripfe ratt *300) 68 b » V 1241). Cap
i£1l 370 1 2 3

Trust of Property- Share* <S»I 18

»arii Tripieven isoo) esb »

Gresham Invst. B 2 «- 4 I- •«? 570 ii 2 5

Hambra Tst. 118 io 2 Trust of ProrouW. Mara*

Hampton Tst. (5pJ 24 b S >s 4 Trust U nion 770 77 8

Hlgheroft Invst- 840 TfwiWi Core Uti 9 V »

Inch can? (£ 1 ) 296 300 3 4 5 6 7 United states and Gene

Independent investment 129 30 1 ,.3080

international inv Tst of Jersey (£1) 363 United States Debenture 1
(22;3) Viking Resources Trust 7

Investment Co 28 (22:31 Wemyss Investment Trust

Kellock Trust (Sp) 22 . Variable Jtaita Pt Wesweol Investment Trust

■*

Ha mm e r von Proo. Inv Tst 648 30. A 631

H ailame r s Ert»-_ <lfc>>^3BS. 9pcLn. 118
1 B'rocLn lM '24 3>

Mm PIT Co of London fSOo) . 18!

104>, Si.

LaM StttnSn < IEl/ 289 SO 1 2 3 h 4
Lom^n U p?ov Shoo Central (HI das) doul

Lyritm* Htegv *20p) 234b (24.^V
MEK 222 3 4 3 8 . Now 225. B'dX

MoImrvl^^EsM. *Set 172 A

North* British MB 7
Peaebov 148 7 6 b H
Phoenix MHl Fin. 48

KSSK StBGSL ■ A - b-*la

Property Security «50n) 14o 1 21 2

«*«* •«> Trust Core KSSSw 2SSfw"oS

United States Debenture 1 14- 3 8 - R^&a^Ss “V **

Vik ing Resources Trust 74 Regional A 1S3*.* 424

Wemyss . Investment Trurt Utn 371 a 4,3) Reliable 85 e>£*‘

S3 b 8 _ Reach* ugh « 1 i 27

Chamber] ji HIU 53 5

AdMCSt 194 5 6 7 SJShSri FerSus >Su) 36

Aeronautical Gen Instruments 195 6 204 SNwiSfaOrt TS 1. 8 7. Wart*. to

African Lakes Lore 22
Airflow Streamtioe lo •

AkZO (FI 20) Pi £ 6.6 (22(3)

Albion (ZOPI 12b 3 (24<3)

Alcan Aluminium npv 104
Alexanders l 10 p> 9 U3/3). A (IOp) 7

own

Allebon* (IOp) 27b 8 (24/3)

Allen iW. G.) 3b (24/3)

Allied Cclhnds ulsipi 191 Z 2 4 5 6
Aluco Leatner Industries 276U0
A/lied Plant HOp) ub 10 1
Alheu KesTOenLal (lup) 16 7
Allied 'textile Companies 222
Alpir.e tup) 57

Alpine boft Drinks Cl Op) 67 (23731
Amalgamated Metal Core (£1) 535 80
Amber Day (2Up) 13 b
Amber Industrial OOP) 34b*

American Medical Imeroatonal (51) 321b
American Teiepnone Telegraph (5163) 32 l
A mersnam IntanuPOiui T9B 7 0
Amstrad Consumer Electronics 230 3
Anchor Chemical 76
Anderson Stra (helve 193b 4 b 5
Anglia TV NV A 125

change Ware* aOp) T5 k s t
S ub. *b (2X3I- _ .

Channel Tunnel Inv* . 0^1 1*°
Chemrtng ifip) 2M 1223).

Chemring

Chloride

qjijj ■■■ t-tiAuwen mroga.i « i

SS5SSS , n a ,^g , ‘S i o) ‘i 0rt 71 •« “ 3 4 Sr&5 (Hkbtt.)

4B .» kHwLR*. 18

-rZ: {S 13 * * no .Vv «■» MonlTtA !) Sd cSmi m

hSHT’.^iS?- CHIto.) 5 aOp) 77 lii i

H^ih? U n ? cT*79b. ,ff ' ,2DOj 142 * •$’7““ <W« SieiSSrtet* HOo) 1

; Sincfalf rwm .) "203 5 ( 253 , ■* C 5 p) 19 ( 22 . 3 )

• Si.naio (ioei 36 :* iiuji* 9 * 7 h vi . Kwahu (10 d) 13

1904-91 173 C243l“ 7 * 7 ‘ Mpcia- Lloyd* and Scottllb C 20 p) 185

' Sirdar 127:- ■, < » n London Assoc, lav. Tst. (IOp) 8

| 690 Creep 71 r. jj 1 2 London Scottish Finance Core. CIQol 42

I ilSrzSVVri M 3 V an5 G Group 312 4

! siirSbv ntc i Mimon Finance Trust (20o) 89 70 1

Smauuohi rimL. « , Marttn (T». PJ (Spi 328

I SMnsttew(RiriciS2SM 5 ^ reL.^S 31 . - Mercantile House Hldgs 445 S3
1 Sorarv \ .‘rdii xT 1 Dp * 25 l - 7 Merrill Lynch (51.333) S27 03(3) •

SmT? Nrnhiy w,? Mills Alien International (SOp) 310 2

■ n ^aoed. ci Oo i i0Sb 6 b 7 25

Smira Moorgate Mercantile Hldgs (10M 18

Cmlrh ™ u , Murray Technology Investments 84 L2A

JW A 170 1 J b 8 N.M.C. investments :i2bp) 11 b.

— miraw r- . 12 * ? * ■ ... Newmarket Company (1981) «3 h) 2

sown wwtwer-p <so) is 31 2

Wlnterbottom Energy TsL (So) 50b X - Ruth. Tompkins .232 4 SS
Witan Invst. 89b 70 1 samoal 108 7

veotnan Invst. . ftt. 127*, sStBWi Nteoipolitan <2Qo

Yorkshlr* and Lancs 29 (23/3) Smad CJtfTKta) 50b 1

Y ,‘jy n f 732 3 ^TtL Store? EWfc 138 9 40 1

to sub. 3f r.. .TKTii* 7ii a. iopcLii.

UNIT TRUSTS (23)

*1*. *"d_Sf._Aeietiean and. Gen. H
Unte 70 3. Do. Accom. Units 74
M. and_G. Americ a n RcCuki i y Fl

DPI ijft

scotttth Metropolitan <20p) 85 6 b 7

i&ixvd ijr**" 1

Stock. Conversion 332 3 3 8
Town City OOo) 30 b b «*; HI H u rv
1 H 2. TpcPf. <£1l 1S1. w« L*l nw

131. 14pc Ln. nw

Unite 4 7k Do! , ^2eeTO. R ljrtfi rV B/b"et^T I .Treen. Centre . Secs. 41 »». 9pcLn.

Moorgate Mercantile Hldgs HOP) 18
Murray Technology Investmentx B4 (24,3)
N.M.C. Investments (1£bp) 11b
Newmarket Company (1981) (SOlDS) 228

M. and G. Austral man and- Gee. Fnd. (2*f3* . ’

Do. Aam, -§o!tS 89.1 Jtfe'XVFlk'"?-*

S-gltw ^ rfld - ,Be - k^^op 3 )^^

M. and G. Convsp. Tjl. Fnd.. lac. Units Webb (Joseph* (So) 22 h

® 2 . - _ W**»tetter Country Pro)

M - »Jd G. Dhddcnd Food Inc. Units 144 Wntnlrtsr Prop. Grouo
..I M _ WMtMnotiHi fm -Ovl >7

Harrfcons. Crosflrids (£1) 610 H* 2b 5
7 20 5 37 b 4a
Hartwells Grp- 88 (24.'3)

SSMmiW " P‘ 3) „ hT& B ,Vop? ^7 0)3)

68 (2413). AJ(on.V 61 A, ’ 27 *« 0*31

Coats PatonS 61 fa 2b 3 , HeadUm. Sims. Coggins (Sp) 500

gssrarfsv!^ 3 ’- iSs; ss&

"1ST” 7 a * M - —

Collins (Wlml 243 7 30 04.3). OrdA. HCnlvs OOp) 107
Non.V. 194 _ Menrique* ^Arthur) Cl Op) 28 b

BS^aSB.e 1 ^ ,W 3 S <23/3> i£2°?8 '&-zf aa ° ntr ' 27

Mondsan (Wn.) Supermarkets UOol 161 }<^xrtwx (2Sat 100

MmS Bros. <Z0p, 152 (2313) sSy (YS^S 7°?S zl™ 8! 67

Moss EngineerlM Grp. IM S Sethetro i*t& 7 lELS tpc n vn

Moss iRrbcrt) MODI i* I . T --C*r*cg Bwpet 325 8 30

Appieyard 67
Applied Ctxnputer Tech ni cues 01 Op) iflob
Aquascutum A (Sp) 32
Arcoiectrlc CHIdgs-i <5p) IS (Z3t'3)
Arenson (A) (HldgsJ flOp» 28 *s 9*u
Argyll Foods 01 Op) ,105 Ii 7 U I. 6 pc
PI (£1) 138 (23/3*

Ariel Industs. 24 C23T3)

Arlan Elec. 20 3 (24f3i
Arlington Motor Hldgs. 83

Moss Bros. <20p) 152 (2313)

Moss Engineering Gro. 104 5

Moss iPrbert) (IOp) 48

Hawker Slddrier Gre. 302 3 4 5 8 H 7 Clarlozte Inv. iJOp) 23 b 4 b

Hawkins. Tluson 24b MoiriSd 1-18 ’3*^22°' 1 9 b 4l 3

734 sK6 « 7 ««' m^g^s, j (i 2 £ ? , i; ^ e «

Hawtln (Sp* 8*3 L 9 H U

Hay (Nonnanl OOp) 48 7_ <23 3) pf Q p

^1^(50, 15 Nrermaricet Company (1981, <S0*3) 22. TdL F«L

1 « 5 6 •* »■ saj76*rf» , va o e f. 7W J-g <=- ««»-. _-

Smurtt Ufftison) (lr£025) 36 Provkleot Financial Group 133 4 3 6 aa - Jro G hw vui .

5°i« A (Reg-* (SOp) 30 8<; (2A431 SI me Darby Bertiad (MS0.50) 57 <1 i <] (roi 1 * *■ Extra YIeW -Fuftd Inc.

Solictor* Law Stationery (2£hM 27 -Smith Bros. 42 3 b 4 5 M n bur-M r.„

Sonic 18 (22-3* ■ Bterikte Credit Group (Ip) 8*. » M 0! * limf 9U “ " ** ?**.• F " A

Sompcrtmr (25o) loo , >e V* b: *s H 10. Warrant* to rob for M. and g7’gm« >-h

Some Sound Audio (IOp) 125 fl: 67 Ord. 2*,. S.SpcPf (£1) 77 C22:3> (19*?. Do AOTm^lAte 432 (24J3

So-y (Y5H 6.7 <22 3, Stewart Enterprise Inv. (TOP) 31 M. and G High inccmle Fmro ik i

Sctheby Parke Bwpet 325 8 30 UnlteC GrPUD (R0.201 145 (22-’3) TSO. Dp. Accum Units ^273 Bo’’

|SXrS i, S i lS n um fS S.?27 3 ** " * SJ 5 C ° mt>a * T H,d « <50bJ 1 7fX ? *" C * ‘

Weetminttee Country Props. 76
Wretralnner Prop. Grouo <20p». 30 Hi b
WMtMRptun Ests, (Sp) 27JL *3 H 8 U

M^nd G. Extra YMd -Fund Inc. Units wiiETpSk 20 ' " J '

M ,- 0 ^ ***** « ««. 7 "«i «"t. PLANTATIONS (38)'

M (19«?. Sb. G Si»S. t -iA , S iSi V jJFm” 5 fiS2£?SSoS^ 4 ^ aM> ■ ■

G High Income Fund Ik, UnRs WS QW •

assa® ™ s 7 «

Comfort Hotris Inter (IOp) 16 b 7 V.
Computer and Systems Eng (2 Op) 232ii B
Concentric (lop) 43 4
Concord Rotaflex ClOp) 38>ia 44

Conder Inter 69b ... .

Conti nuoos Stationery (1 Op) 28

Hazlewood Foods CZOp) 225 NCC Energy (IOp) 72'* 9 80 1 2 31

HeadUm. Sims. Coggins (Sp) 500 3 4^ 4 i, 5 W 61 71

Helene of London (IOp) 15b (243) NCR Coro <15 ) 540b < 22 IS)

Helical Bar 17* Q3/3) NSS Newsagents (IOp) 177L _

Henderson «*.CJ Gro. 153 7 <ZA3J. New Ln iggo-Zoga 149',

153 N«»h (J. FJ Securities 42

Hertvs aOp) 107 hUtiorri Medical Enterprises

Henrimies (Arthur) OlOp) 28 b (2*3,

Kepwprth Ceramic Hldgs. 107'jt b 8 b 9 Needier* 77 80
i u »a 10 \ b H Neepsend I3' a 6 b \

Hepworth ClJ non) 9* 5 7 Neil and Spencer Hldgs (IOp!

Harman Smith nop) 23 Neill (Jamesj HWgi 30 It 1*

Heron Motor Gre. 31<b New Equipment <10p) 3 a

Hestalr 42 b 3 4 St Newarthlil (£1) 575

How den- Stuart Want 410p) 32 NewSoid Burton Hldgs 48

Hewitt (J.) and Son (Tentom 63 4 0.3) Newman Industries b b H H

i fssi. SKsj’Sto’y - * • « *

I Sparrow (G. W.* Sera (2 On) 48

is: tmraTs*- 1

SoeedweH Gear Case 15 <23-31
Soencer Cterit Metal indx. TZ0e< 20 (24J3)

iss r r s^ si; «<* «»

! |SSf,-.W 2 5"" ' 2, ‘

Urirad Computer Technology Wrts bo sub M. and G. Rvenrerv- Fond- Inc. Units 133.

NSS Newsagents JlOp') 1771* 8. lOoe Grore (IOp* 91 «• *

Ln 1990-2000 1491,

N«h (J. F.) Securities 42

Medical Enterprises U04I5J 8 b

Needier* 77 80
Nwsend 15'a 6 la \

Neil end Spencer bldgs (IOp) 26b
W I (James) Hldgs 30 IS 1 i, f, 2
New Equipment <lOp) 30
Newarthlil (£1) 575
News old Burton Hldgs 48

Herwood WHNaots Grp 30 b 2
HlcWng. Pentecost (50 P* 74 <2313,

Newman-Tonks Group 70
Nevnnark (Louis, 225 7

Hickson and Welch (Hfdgs.) CSOp) 234 3 7 News International Spec Dlv
HI93S and Hill 148 50 it 1} b; 2t 3b: Nichols (J. N.) (VJmto) 240
*b- _ Nippon Electric <Y50) 1fi3

Assoc. Book Publishers GOpj 338 43
r2-3,3i

Assoc. British Eng. (I2ba* 29 b
Assoc. British Foods (So) 113 1 6 b.
7bPCUl. 1994-2004 380 <119)3)

Assoc. Communications A 98 9 loot ICO

ASK.'^DalTtes Go. 130 1 2 3 4 <1 -•« 3 f|t
6 : 6 -

Assoc. Fisheries 07 a: 8 9:

Assoc. Leisure (Sp) 102 b 3 4 3
Assoc. Newspapers Gp- 1*2 5 7 8
ASSOC. Paper IndUStS- 60 1
Assoc. Sprayer* (IOp* 26 *24/3)

Astbury Madelev (HldgsJ GOpi 92 b

Astra ^Indent. Gp. Cl Op) 12b

Atkins Bros. (Hosiery) 6 3 ^

.Audio Fidelity OOP) 1« mm
Audiotronlc Hldgs. (IOp) 5

Capydex (IOp) 41 2 (23/3)

Corah 47 b 8 Ijt b

Cornell Dr^es ?5 p) 173 5 6t 7i 9t

Cory (Horace) (5p) 15-b

CosaJt 33 . _

High Gosforth Park C£1> 698 09/3)
Highems 53 f 2i'3I

NoWe Lund (IOp* 7*; 8 (24/3)
Norcros 103 4t 4 s»t b 5 7U 10

niVOCiiiI M **,JI leviwwj ■ IF J rt* rt -Jfte* "3 I < M

Hlahgat* and Job Grp <500* 48 Norfolk Capital Groop (Sp) 29

HIQhgate Optical and Industrial (IOp) 30 4 Norsk Data (NK40) S57U <23,-3)
(233* North British Steel Group 0«dgs)

Soulrrel Horn <12bP* 39' 40 1

iWras^i M ”-

t22ro S **

SSUttUrd TriShoSS 1 496b 51* 5

Stanley (A. G.) Hides (5o) 62 <2013)

Staveiw inds (fill 23 5 8 7b R

5tead Sbnojon 117. A S3 ,

Steel Bros Hldgs 217 23

““*** 172 3b 4 5 8 7. 7pcUmecLn SB

ISS%(

iga , i!to 0 Sw%°’-, , ,r I »," ! '- w

JC

Waeon n nance Cere 47
wetheck invest (I0o* 53b
Yorkpraen Invest flop, 1-1 b
Yule Cate* flop) 82

INSURANCE (541)

Alexander Alexander Services Cl) 16b.
llpcOb £49 b 50

Brentnall Beard OOP) Z9t 9b *24J3)
Britannic Assurance (So* 280 2 4
Commercial Union Assurance 144 St.S 6
7 b 8 «i 9*at _ _ . •

AccurL Unirx 155 b

md Ik Units Assam- D ooms (£1) 245 Q«B '
273.8* AB»m Frontier (£1* 223 5. Dg. PM. 270

Fnd. Inc. Uoris Barlow (Utah 69 70

uw “ Bend'll Rubber (Sp) 321.

OC. Units 1 3ft. Amn (10M «* . ■ ■

ramefHa. Inw. (I0P) 483

S « OT W G*"- Tst. fund Ine. Caaoefleld (Kfanoi (10M J80 90

.Units. 283

283? (2AaS , * ,ler CO, ‘ Frt * ,DC * Ve ^

ComW. Plants. Bertiad CM0.S01 48 *is 1
Wtt 1.17

_ . DoraeMtindr <10o) 120 (24*31 J

MINES— JttisccUaneons (536) Malaysian Ests. (IOp) 143 1, t

*2281 , “ C ’ U1 , U **■ ^ Highland* Lowlands Berhad (SM0.50) 70

Afex Coo. nsiBi si - b i

A«ai». lln Mlr.es o. Nhreri, ,HId«J Up*

jTai «r" Assurance 144 s.. 5 b Anglo AmericaQ IgvsL Tst (R0.50) 2* «« 0*0

- 7 . - Sir - , B m i. i w i i Asarco lno nov 11J W&3, KlWnointl 425

JmS ilSi", T?" DredglnB - Malaysia Ber- Jhita KMlas (IOp* 143 <19031

Edinburgh Gen Ins Serv flOc) 12 3*u 4 h*8 (SMU 2oo «24U3> Kuala L«mpur Keptmg (5M1, 48

« Bldchl TlnjICJ* 19 g»«I) Lawrie Plantation (£1) 352

Equity Law Life Assurance Go) 408 10
2 5 6 B •

Botswana RST 14
Burma MliMB (l-uo)' 15

General Acc Fire Lite Aaac Core 316 8 Charter Coned, pcjc
91 20 2 5 6 30 b 1. Do. <2»)

Guardian Royal Exchange Assurance 300 4 Consd. Gold Fleios
5 6 U 7 8 t, t z ip, ,

Hambra Ufa Assurance (5p> 910 1 2 3 4b D* Beers Cons. Mint
51 5 b 6*2 8 20 54.1 221p 2 3 4

Hearth <£. E.) 03 p) 320 2 3 .5 6b 8 4. 1 3 b b b 4* 3 Si

Hogg RoMoson 111 2 3 4 5 1 2. Dfd. cap. (Br

How den (AJ Grow (IOp) 159 60 C24<3) gl Oro Mining Exun.
Legal General 227 B 9 h so H b falcon Mines 90 (22

Highland Electronics Gro CZOpi 22 b

Coital n Gre 268 70 2 Sb 4 b 6. Dfd-Ord HUI and Smith 48b 9b

North British Steel Group CHIdssl 41
North (M. F.) (IOp) 341,

ntry Gentlemen's As (El) 22 b (24/3)

Countryside Prop 123b (24 3)

Courtaulds 81 b 2 b 3 b* *i 4 b
Courtney. Pooe (20pl 50 V. _
courts (Furtl) Non.VJL. 70 1 2
Cowan, de Groot (IOp) 34 5 7

Hill (Charles) of Bristol <£1, 118b 8
(2* "3,

Hillards flop) 162 * 6 8
Hinton (Am os) OOP* 316

Mld,aM Construction (IOp) 56 Streeter? Godaiming « On I 25

ctfSrSk^HM« 1 p /,5 7 -®J ll9; » Legal General 227 a 9 b 3D J» b

s^SrfTr? fm22?> 111 2 £ _ .. London Manchester TSO 2 6 63

Stoddard (Hldgs) 19®. A N-rtfl 10 1-64th London United Investments (20p , 215

Stonehnt Hldgs 70 2 'T'l Voi^ 4

W« .«« S3 8 8 T?'-- , x _

(2313)

NorA*rti_ Big^neering Industries 63 * 2 4 :
Northern* Foods 157 8 9 601 I|2 'll

H peril st An Cdbrflss Warburg and CoJ N o rt h er n Goldsmiths 50

ri)MS> 275 95 <24 , -31
Holden (Arthur) 182

CSp> 23 Cnr f£1> HpOas Gro <Sp) 36b dm New <5p) 39
r»iiw MuHm MXn* IT rp-^ss Hollis. Bros .and. ESA Mb S .

Cradire^Wntlng (10o) 17 b (23/3)

Cray Electronics (lOpi S7U
Cray Electron k*._f IOp) 57b. New Ord

.571. bt (2413

Holt Lloyd Intnl. (IM SO 1 b

Home Charm *10p> 159 60

Home Counties Newspapers 60 (24 S3)

asmaftm 1 ss£-%sw»,«

Crest Nicholson llOoi MI<Jj • 106 If 2 1 Home Farm Products Cl Op* 07
Croda Inc ( 100 ) 78 9 80. Dfd (IOp* [ Honda Motor (YSO* 140*; 04

Norton Wright Group 11 Dp) 37 C23L3)

"frsirrtttJ® - 1505 3o * iisc

Nottingham Brick <50p) 135b
Nottingham Manufacturing 172 4. 6>;pc
Ln 1988-M 1545® b:®

Nora (Jerseri Knit wool 85 <24iS«

NOTO Industn A1S B Shi 103 <23. 3)
N^mdln Peacock flop, 152 -W 3b 4u, 5 6

Nu-Swtft Industries (5P) 35 6 b 7

5 4 ,i 54 - ZS# WhWop^ 42
a LJ^ "H idgs.) rep, 188 g3 tfa^piL 7 A

9 90 «Kt 1 2 3 5. BOCLP. 15B 9 wj crown House 70b 1
Automotlre Prods. 52 Crawttier <John) Groao 22 <24/31

Arena Gp. (5p* 249 M b 3 Crystalate Hldgs. C5P) 99 b IM fl 1.

Avon Robber OCT* 108 lOb acpcLn- 143

Ayrshire Metal Prodoctt -« 0.1 Urn's Stores (20p) 230. A <20o) 185

BAT. inds. 400 Z 3 s: a b* 6 7 b s. <22/31 , .

0 b 9 b 10 1*t 2 Currys Grooc 184 b 8

* 1 Cusilns Property Group C20p) 93 H 4

B8A Group 32*lt C24/3)

•*%' 320 a 3 4 5 6 7 a: 30; oR{ . |2

as b 6 s?,u*%n & rso 6 ? 2

BOC gJo^*? 65 5S 8 -b 7 b A 8. SpcLn.

'Z 0 '** 2 Q „, ... . * JO (10W 20S <24131

I.RM. %dgi NV B | 3 8 ®£-3) Davte..Metc»lta IlOp, 59 (24|3>. A HOP*

93.G. InenS. (IOpi 11b 2 b *»*: 3 >m oarlesj' Newman Hides. 71b
B3R HOP- 70 b 1 b 2 3 4 5-; 5 Davis (Godfrey. Hldgs.- 84*

BTR 336 7 8 9 40 1b -2b ^ Davy Corp. 144 5 6 7 8„ U

Babcock lntrnl. tab * AS 7 8 9b- 100 Dawson lot. 134 b h 4 #

Bacgeridoe Brick 66 (MOI._ De La Rue 630 3_5 7

Honda Motor (YSO* 14 O'; ©433, a- rc * tKJ; 1

SSSKoJ?°<Wp) A 1 M 8 Hu-Srrttt Industries (5f

Ho^ns *nd V HorSi CK>C) 117^(23,®' Oroin*^!*^^!!) 44

Hou,e 2 1 2 * oS5iaT<^37b

House of Lerroe 95 Office and Bearonlc M

Howard and Wvndha"* (20a, 71j. A CZOP) Old Swan -Hotel «Op)
6b 7. 9pc Prf (TOP, 13 Otlrer fGaorge) 1-&5 fl.

(1929) (ROJO) 860

<24/31 6b 7- 9pcPrf <20Pf 13

h 100 H 1- Howard Machlrery 21 h 2b» SbJ

Oceana Cora. 37b

Office and DectronFc Machines 310 3

Old Swan Hotel «Op) 65 7

OJhrer (George) 165 8- A 163 S B

Olives Paper Mill ,420p» 25* fl

Oven stone Invests. . 4R0J 25) 12 09lG,

Owen Owen 200 b 6

Oral Id 66 b b 9

5 ^T°TS Fbher (Hldgs) 57: b*Z L> S 9»s»i
so; dO *:£

Strand R/Tev Drummond 51
Sturla Hdas rioplllb; J. 2 2* u: U liat
2 New Ord (IOp, tF-otfl 11b U

Sryfo 108 »b* b

Sumnsr tFrancis) < Hldgs) nop) 4 b 0*01
Bumrle Clothes '23o) «o 3
Sunbeam Wolsvy to. 124 / 3 )

Sunlight Service Gre ciod) 111 i,

|““ra Gre OOP] *7 4 9

Sutcliffe S.neakRian 36 <24 >3)

S ?Sl4 l .SuC t ? , ,^S Si OM 15»> 44 (24/31.

9U»CS>»*>Ln 110b (24 TV
Sykes Ofonry, 29
Syltone 188 90 <24331

T — U — V

Tace i low i«

TS. Thermal Sre 105 7 8

Minet OOP) ICS 6 8 70b

Pearl Assurance <Spl 408 IQ 2 3 6b

Phcenix Assurance 258 60 2

PrudmtOri CorporrttDn 230 1. 1 b 2 3

Ref une Assurance (3c0 239 60 1

Royal Insuracre 370 1 3 b 4 S 6 9t

Sedgwick (ioo) 180 1 2 3 bt t, 4bt

Stenhous? 143 4 5 6

Stewrrt Wrlghtson aOo) 205 8

_ M M 1 . Bo. <ap) fgrT 22q 7 (23/3)
c “““. Gold Hews 383 5 6 7 8 0 90
_ U W b 1 2 b 3 5: 5 7 400i

“■J 22 If 2 2 * 5 6 7 8 9 30 IS

^\^%Wzioi * 40

^ a fi£L£ , » t t24,si

Geevor Tin Mines ^*68: 100

_ Phoenix Gold Mng. <12*'P> 30

C « 3 isi B “* Metal M, nes ii 2 'tp)' 1 i “ 2

Go pen a Coax. 475

hSSS'™ 320 nB ArW t100,14 ° ^

Kuxix L«mpur Kwrnq (SMI, 48 (24.3,
Lawrie Plantation (£1) 152 . ..

• Lendo • Rubber (5P* 91 bt 21 (24f3*

„ , , ‘■ojrfwt Sumatra Plants. (IOp, 200 40

I-1..2M 7 (1»3»

? Sv'm Luniivm (Ceyton, flEH 400 USA'S i '

00* * mijoj R,m * , M2, 0 - 4 P c f f - «1>

IJ ^> 54-68 Maledle inw. riOM 75®
b 8 9 40 N»ri»«OBah (FMS1 (IOpi 43t . Ut BOT)
Son 9 40 ?«"hl*-«uN»er rao) 97 r l^; n «9l

<Z 4 f 3 > fogonwite Para flOp, 460

fti.ntiel Baftrn (I0o* 160 (24(3)
Wlll'amson Tee (til 233 ,2*31
U’B» SO 42bra* 'joSt -..jrtl B9f] MtrMPHp. '. . . .

J.anar (12 *£p> 18 (23/3) ______

njwnimung rm Oreogmg (MMJO) atb SHIPPING (159)

Kj 0 'T?&J"' lM ^ l<nlu Berhad (MSI) Commonweplth Shipping (SOpi 380

Kinta mku Tin Dredging 725 (2413* Cjltdonli liivtitt 35°

M.(3). (Mangoia* <Rsi" ?7 21 *iaJjj Common Bros (SOpi 237 42

Malaysia Mming Corp Berhad (M.o 10) £ te>ler 9»"*ra) Son* 164
.*>» 1 w,w GotaasaLarsei, Shipping ni) 2b® ‘ -

Minerals. Resources Corp (BS1.40) 340 3 Hunting Gibson 95 ' - - --

4 fl tt 52-1 t 6ij Wj of Mm Steam Packet (£1, iiS

Kariourfl -Mines (ASOiJO, 17 8 9: Jaeolw.i John U <20o) 37
,9 j s-b 2u b * London -Overseas Freighters Si H 2

Nortngate exploration (CS1* 200 <24/3/ i.rie Shfualng 280 .

’(Sal/S* M,n,n *' Exploration (5 p) 3u: Tn^ruroort Trading 119 22 3 4 3.

RAILWAYS (13)

Antofagasta (Chilli Bol Rail 80
Canadian Pa-iflc <CV*i Hb
Central London 38 (22-31

INVESTMENT TRUSTS (712)

Aberdeen Trust 142
•Aootq Secs- <1 pi 61 (19(3)

Alba Invst. Trast 42

Albany Invst. IVurt GtOa) 41 (19/3)

A I lance Invst. 90

Alliance Trait 283 4 b S'- 6

Alt! fund 87 (24/31. Op 188

goringate exploration rCSK 200 <2<
*(23/S* Mn,na - Exploration <5 p)
Petallng Tin Berhad SMI) 240 rad

TSW-TrievlW's^V^ (5B) 13b 6b

Klo UnB

at a 9

419 b
9>xpcLa,

BICC ^Srt 320* 2 3 4 5 6 7 8: 301
6 7 9 40 _

8L i50o) 15, 8 8

BLMC 7 * 4 PCLn. SS.b 6 _

H award Shutter mg tHMgsl (l(to» 32. Ovenggne Invests. . 8R0J 25) 12 I

Howard Teneos Sees 62 b* 3 b bt 4 bt Owen Own 200 b 6
HoWden Gre 159 b Oral Id 68 b dj 9

Hudson's Bay 9.3 *b

Humphries Hkjgs 14 2»I> «tW

Huralvt (Hldgs.) 413 Fbnto (P.) (lOoi 12

Hunt and Moerre (Middleton) (5pl 12 b- gara dim <H JdOpJ J1U 03(3,

7 ’* J4 “■ 9peLn ' es&zs&a

,tn.i at 4 a ft 20 Davenport Knitwear (IOp)

a^M. ^d& NV B ?3 8 ®£-3) Dav*«..Metcafl 0 <10p, 59 I

93.G. IntrtS. (IOpi lib 2 b 3 >m Davies.* Newman Hldgs. )
B5R OOpi 70 b i b 2 3 4 5 _ 5 Davb (Godfrey . , Hldgs. ■ 84J

BTR 336 7 8 *■ 9 4D } b 2b 3-r Davy Corp. 144 5 6 7 8

□fd «Sp) 7b <22,3) .

Hunting Associated Industries 234b 40

r 241 3-1. Dfd. 151 2*i 5 (2413)

Park dale giapi JO *, «Z2j5)

Farker-K roll -146 C2443). A 127
Parrish a. T.l i-1« <2*Oi
Parkland Textile 42 cl-9/3). A 4

Tafbex Gre <5 p) 4b

Tarmac (SOp) 472 4 5*1 6 7 g 9 flg

IKI* IM <1913) W

L 2l e 197 a 9 200 1 2 4£.

_l3pan. 97
Tate ol Leeds 82
T 4 'T rne L Rutledge <20p) 24 5
Taylor Woodrow 340 5 SI. 50 S
Tecalemtt 34i< 5 b ’

50" -'at 2. A (Non-V) (So)
Telephone Rentals 330 3

ASSton 1 ?St *2***39^03121 89 R Mn- <S «T MlnS %0 ^'SdiSi ,OW SOE RM •"**** »

^ * *■ pffMS'aa'jJSld ' UTILITIES 03 *

A 2) g M54^ nT,t - ^ 45 « wSJflS 195 (23/3) Ahl4n™ arH5l!?SSawi7f23/»:

«s jZii, p&ZTjZTJZ t&E S&iuifr”

Ashdown Invar.' Tret 190 ^amhia Copper Invst*. i8dS0.24) . 18 1 ? 7 f 3

% W£X*a & 9 S JDNES-South African ( 238 ) S S®?® SA

Atlarrtfr Assets Trust 36 7 /i« 8 b 9 *• 3 )^ n> * T C:n UOal COrB <*M' 4 io» ii UNWSTFil Qm/RMI/S

^^e £ ^d ^n T ?^ 90 7S J 1 11 «0 A S ,er 7 , ? n a C " B » “SO 3 JwIrK

ISftr^yJs'V.Tr 87 8 StfVW" Gow 2 i-s7 A*o taSSSMas^Ps -

Anglo American Sacs. Corp. 131 3 b.
4pcLn 128

Anglo-lnt. Invst. Trust 45 (22/31. Asset
217 <24.'31

Fjn'hwla- Orient Staam Dfd 8ET1 129. W
1 3 4 b* 5 ij b 7 bs ij g
R E*HJon smith Urn* fSOol 127 (23W. A
Non-Vt (5 Do) 106 <24(3) " • ’

Runclman (Walteri 002 • • .

^‘SS/ll ,OW SOE RM .*«8l8.'iW» 220

Basgeridge Brick 86 (2413, Dc La Hue. 630 3 5 7

Bariev (Beal Const. MOn) 15 De Vote Hotels. Rmtvorants 17Bb

Bailey (C H.) HOP) > , Dranson (HldgsJ IlOp* 23 ,12343)

Baird (W.) <£11 220 1 2 . Drtenhams 78 b b 9 OO t. 11

teker lntrnl. Corn. Com. (SI) S29b (23/3) 83 CVU 3* . . _ _ . _

Baker Perkins Hldgs ._(30p ) 97 9 Delta 43 bb V8 b 7

Baker. Houtahow Store. (Leeds, <10rt

B-mbera Stores ClOp) 55 92 SPCSagjdoOar

ItaSS toS£”Sn£? qop, 88 mm o^ri^*^MoS) , 3 850,0 *

B 66 d «4l3) W> 15 * 7 W **■ 7PA al> U°J ii tHi-90

«>raw iiB* x- Dewhurst md^ ftitncr : C

ESS R n , d nd D »o, a ^§ W 7 6z\t

ICL PLC 43 4 -i
i dc Gre. Co®, J

I MI 57 b * *:
Ibstocfc Jonraen

I_j_K

-b 5 l|d b 62 Bb 7 b

Pearce <C. H.) Sons 11 - 1 , (23,31

P ^?°7o L ,T 3 2T n st 30S 6 7 « 8 95 •
P £Kf M Ln5 S ii7 50n 254 5 7 - »«-*

Bartow Rand OJO-IO) 355 7 8 63 71
Barr ^and Walto’*Arneid Trust 68 (24/3).

Bantatt (IOP* 278b 9 b 8® ‘b 1 2 3
B arrow Hrebum Group 34
Barton 29 b 30 _ _ .

Bassett (Secx) *S 6 7 St 8
Bath- Portland 77,^ ti 8_®

Battey* ef Yoriuhlr* OOP) 80
Beales Uohn) CZOp) 40
Beanon Clark 209 11

-DewMrrt QUd9*J<UM 9 8 7»»

WSS'v.TfcffBr^ 12 ^

Dewhurst Dent (20 B) 6 (23/3)

Diamond Stylus <lOo) '10

Dickie fltames) and Co. (jDrop Forgings,
18b (23/3)

4-=r 2 «S^5 i iMiees.) cs D ) 60 b 1 b 2 b bwty Trust 153
Is. A hr*» 1 *w MOP) 43 09/3, Bishops gate Tros.

Textured jersey (JOp) 79 Southern

The Times Veneer (Sp, 4b «Z3JS» _ 8 D

Thomra NKIonwIde Transport (5A0.50, ftggr Tn « ^6

asavaTO 8 /; w. 30 .

Asset Special Sits. Trust (IOpi 28b 09,5)
Ariarra. Balt Chic Reg Imrst Trust 84 #£

At lantfr Assets Trust 56 7 >i* 8 b 9 i.

Otlas EiertTtt. Gen. Trust 90 b 1 b

BallPe GIBord .lawn Trait 76

Bankers Invst. Trast 87 8

Berry Trust 153 S

Rlshopsnate Trus. 87 *2331

Bnroer. Southern Stockholders Trust <10p)

UTILITIES (13)

ueerra l*- 1 1 Ida U«/^

NESCO tnmenmiti 120 '

UNLISTED SECURITIES
_ _ _ MARKET <377>

(Sot 89 90 VA S -

7pci*OP1#£1oi TIB b

Thorao (I*. W.) riOpl lis
Tjurey Bjrtfrx non) 12 3 03 3)

^ 830
Dfd. 'iz® fn, ° masJ CUM >45 6 7 8 61 b
Time .Products tlOn, 29 <-

j&^lnS 4 U CUM M fl « H 1

^re'Gtarol d, MortS 99
Pettow flop} 59 60 1 04/3)
Fgters Stares «iop, 72 3

rym '‘ c i tv .. n T v r . 5%. > . Fotare Stares «iopj 72 3

l. 8 JL<i.-l 5_bt *i S. * 7 . **t Petrauxi fl Xbp) 71 nxni

ntnl. *as- Muck. Con. (S1*2G) 32b 3b Pflrar Ctfrt ls$)' 2Bb ’

18 b miv —

DlnMe Heel <5pl «b
Dtalama flOn) 245 e*z

Seattle (James) A 124 U

Bcauford (IOp, 30 <24, , __ _ _ . .

Seazer (C, HJ flop, 1S3 4 5. S 6 W

Beckman (A.i Cl Op) 84 624T-3)

Beecham 229 30 1 2 /; 3 M hJj S h
U 6 b 7 t 9. SpcLn. 330 £19/3)
Beech wood ClOp) 22® ,

Beiam (IOp* ins I 20 1b 2 b 3 4
Beigravc 12 O 0 | 3 )

Bell Sime las S0J2AO1

Beil Canada Cap. (CS5I) W5 CB.'S,

BeOalr Cosmetics OOP, 9

Beltway 88 91 „

Dixon (Darid) Grp. 10-tt 6 7t
Dixons Photographic ClOp) 1G7 70 2
Dtx or -Strand (5p) 2Z»: _ ■ ^ -

Dobson Park -Inds. OlOrt 8S*a 4 <s S
Oorada fUdgs. 37 8
Douglas (Robert -M J HUBS. 61
Dowd I PS and Mill* flop, 31 *b 2*w
Downirorae Hldgs. «10 d) 17 C19I3)

Downs Surgical «10P* -2S b

Dowty Gro. OOP, ,117 \ i 9J0 m .
Drake and Scull Hldgs. tipi 59 €0 i*
Dreamland Electrical Appliances Clop) 20

Dahllfer (5 b) 73b£ 4t 4 S 6 7
Ductile Steels <1-20 2
DaUy Bltumastic fltOe) 39 . ■

Duncan (Walter) and Good ri eke (£1) 455
<22f3)

Oundooian <20 p) 86 7 8 9t. 1-1 bpcFf.

(El, 146 7 8

Bern rose 65 6 7 8 9 70 hh Hu IS 12 3- Dunlop Hldgs. CSOp) 72b 3 b 41 4 -l; Si

Bedford Concrete Mart. flXJp) 64

Bettiox (IOp) 27

Bcnn Bros. 102 _ „

Benson's Hosiery <i2peLn. 59 CZ4 3,
Cental Is fltOpv 40 1 b
Seri start (S. W.) 134 S 6 “s 7
Berlsfords 83 6Z4J3)

5S®.^8°3^ " 5 ^

Bestwood (ISP) 137i B'Mi (2%3)

Bett Bros, apol S7

Sevan <D. P.) ISpi 13

Bibby (J., Sons 60p) 360 S 6 *1 7 b

Biddle 142,023*

Bifurcated Eng. 28 OE/S)
an lam u» flop) 90 <24.3)

BlrmW Qualcast 29 b 30 1
Birmingham Mint 175
B rrtiingham Pallet (TOo) 42 C24i3)
BlShop-S Grp- MS*. 03 3). A 94

Black Edgingtun *50 p) 45 6 7 8 U W ISSSUESSSSmST C lfc 143 5 6 7

Duple Intnl. 48 9
Dunort iStJ)9 10i TO
Dura Mill GOP, 4S g^3> __ „

Dyson (j. and JJ 96. Non V. a 88 9
b 90 a: -2

E1S Grp. TIT 8 9 23

EJCf. <H|dgs.) 38 40

Early's of WHncy (IOp) 23 8

East TLftpeashTre P»ocr Grp. 54 _bb:

East MMtand AHied Press 102 (2413).
A (Llm.v.) 95>: 7

Eastern Produce (HidgaO (SOp) 82. Wits,
sub. Ord. 2<s

EdBre (HldgsJ I 06 8 <24/31
Elbar Indl^rial (SOp) 100 (24/3,

Elblef (10ol 15b E 1 - 7
Eleco Hldgs. (IOp) 72

intnl. 8 ra- Mari. Con. (SI <28, 32b 3b
Intnl. FNn* 22 ® 9b .

Intnl. Tri and Tel. Cm*. .fl’IWJ
intnl. Thomson On*, (npv, 270 3b

Ista^gf^'M*^'" Entered *c <zop> 42 (igi's,

Hldgs. (IOp* 1»5 8

S (Wm., OS (2212)

in U. arid H. 8.) (SPI S2)«
(Miwkc) Inds. (IOp* 25
Ons Chocs, (IOp) 56
rj.) Sent 282 5 6 <22'0)

j eavoni Eng. PLC 39 60
wks add Cat 1*1 1 47 (23.3)
jerome is.) 71 *24*3)

Jessups 31 &7-G4ths (19/3)

Jonftw* Firth Brown 15 6 b 7 b b b
Ob 9. H.OSoePf l*,» 80*i (24/3)

J oqhson Cleaners 193 6 •

ohitson Matther (£1) 2H 3 4 S 6 U 7 8

I 61,

joned Shipman 44 5

Jones (E.l (IOp* iS'ie 5b 6 7

Jones (£.i (Jewellers) OOp) 90 <24/3)

Jones Stroud 98 100 1 b 2
Jourdan iT.) OOp) 70b

Kalamatoo ddp) 44b 8 b
Kean Scott 34 5
Kelscv Inds 170 CSfSl
KehMdy Smele (IOp) 143
Kenning Motor 82®

Kent fM. PJ < 1 W) 88 b 9 71

Kersnaw (Sp) 265

Kitchen Taylor flOW 127
KletihM t 44 8
Kode International 280 5
Kraft Producthm (IOpi 8
Kvrlk'Flt 6I0p> 51 2 3 _ E
Kwtle Save nap) 250 1 2 4 6 9

Phlcom (Idol 1® 20 2. BeePf. rci) 71
Philips pn. SbpcLn. 44 t| SOb <243)'
Phil^ Lamps Hldgs. NV cwrioj 482 5

Phillip, Patents (Hldgs.) 20 n*si

Phoeirfx Timber 80 1 2 5

Photax (London) 68

Photo- Me Intnl. CSOp, 47o

Pifkje* *W.) (lop) 7 . A Non.vtg. ClOo)

P'Np Hld gs. OOpi 200b. A am 195

sags ffwwy** 3o " 6 “ t &“uSriS i w

gs»«« 8 §g ssjyHt ® 88 *

i-fav a _and _ Arnold 179 fl 80'a Continontal UiWm i e.c '

rtrltjri Ai«tj 9S f !]/!.

Brmsh a Emniro sec.. General Trust c5oi

■r!*** .'nuu***-. Gen. Invst- Trust Did.

134. 6bpcLn. 137
Brltlsli Invst. Trust 189 91
Broadrtone Invst Trust f20pl 193 b 9 200

grayer Invst. Trust 76 7 (24/3)

CjL-R-P- invst. Trait 106. Wts. to . sue.

Cambrian Gen. S«CL 37 fl Wk New Ord-

r? 6 ^- N S? Cap- tffen) 26! C23F3)

1 B 17Q

sasrj &*■

cjgjgjf I^ands Cap. (£1i 212 5 (24/3)

^^0^ Mln,no 1R0 “' * 7 -u VfSF-* -?**■'■ ■■

jr* 8 ‘ K0 - 80 ' 80 8 91 »• swsajxWow, -

WBS urtJB ^

so (19,3, f l 3 A 8 . M 257

Cj tv qf Oxford 106 OAO)
Clare rhouse <§Opi 12 S
Continental industrial 263

aaaTPj^irMT-irM i” « iSs 8> = 9 « Sm

“» 7 75

East tana Cons (lop* is
' E S*279?- nd (2<^ S Uran “ ,,t ’ »M30) 55b

*,S 45.

EESWV! La-'dS?^ ™

- ^tJsKi'vo^ UnJo^Cnreoration CRO^Dl

tts EsrsEU’Ui-.^i

Sg*M s «RvW«--

!"'■ MrEOJSl WO.Wo 19b

rr-pTSS iCwnputers (Syste^ non) S3 5 .

£CP ' Nytii i sea Ass 185 8 90 2 S 7 V

V. Frtroieu” £ *5 , 7* 7 '

JKutt % »W*S» ; ftSS V

3gffl» spsw s » f s^r "% \

^“h^l Gp 12k Cmr Cm Rd-Prf.9T,MO .

Edinburgh S«C Co 158 60 - ■" .- ’

A Res V| .£ 1 i 370* ‘
e oS?JUn ln i?5“_f Ocn Tst HWo,

B5f200Q 69-(23.-J* . -?-•

l“rtnn *lHp* pt (24 <3* - ^ -.

|Kewr BuHdlngs Constrctn Grp ,0SMl-*r."

«l»*k Arrow <5f*P) 26

e&ss^sf«>, «

iirmfsa,'®.. 70 1 ....

Bluebird Confectionery Hldgs 62
Bluemul Bros 26 •j!

B luna mi -Form og laic Hldgs 116
Bo ataman iK.O.i Internstionsl <5n) 6b
oodveote international 52 b 4bJ

Bocfoo 1 151 10-08 f23.»

Btragd-FeUpah <10P/ )2 (Z4/3I. A OOP) ,

1 s 424/31

MtonTcxtUe Mill <16 _ , .

Elec tr onic Machine 30 (24/3)

LCP 60 b 1

LRC In t erna tio nal (IOp) 47 h 8S
LWT A NV 148

Ladbroke (IOp* 137 8 9 b 60 1 >: 2t.
wts to sub na

ElKtrufuc Rentals Gp. 97 b 8U 9 1002 Ladles Pride Outerwear WOP) 39 04.-3)

W»jttc Cermructlons flop) 28
Plat.finum (5tn 7 b
Plaxton’s <G9, 144 5 7 9 :

Pltdinrama f5o) 443
Plesscv rSDo, 172 3 4 S 7 i g ao i
Wvsu ( 1 Op i 123 4 5 6
Polly Peck (Hldgs.t rsp) iso 2 5 7
P«11l* Hdgs. 503 S 10 3. 9bpcLn. 1341-
6 *
Porter Chadbwm. rron) 32
Pamir 0 *! 1 ' Sund * Tl,l,d Newwreers HO
Powell OoOryn rsCo) 229
grott ( F.) Eng. 64b 6
P reedy (A.) 63 b 4

Wcfi.'Soi SVS WVa

RSaTSM* 11 ^*

1 S r S!r 1 lS, P i ri,w _- HWfll - 20 <2531

Priest (8.) Gp. 29 30 b -
«3 Wales Hotels So

Pritehert Sendees Go. 85 u b 6 1 .: u 7 b

■' ,i 53,1 4 Si * W-

Price (Hldgs.) flop) 53 r23*3>

Q— R—S

nw 32,1 3 l!l 4
9“H: nop) 70 b 2 b s

Quick (H, J.) Gp. (IOp) 44 L24/3*

RFD Gp. flop) 48

TibrNC iiL ■ 4 ns '11 os™

T riD ^ FoirtiJries Gro 22b 3 4 . ft-i' |5 101

Trusthom* Foriv IIS 7 8 9 b 1 . 20 1 Derfev Inc Shi fUlYNci *>’’ ,

?a 17 135 6 7 8 9 " 40 2. ISOui wj C24 3 } 241 Ctp ‘ S

Tunmli HUn*’ 548 g jjrnnlolon General 271 824/3)

« » * » • -

T track (W. A.) flOp, 17 C19'3l 18b tZ*G, E * Uern 62 4 - Warrants

513*4 Grp. Si S gray ton Premier I«g

UKOia»L 7 MM2 ^4^ Prm,er 7, «cUn*Lu. 139 3 120

Not? v. a sa gag* flajflMr w

u 5ffi teU’s? * « ** 7 ei *<

9 To % MS M,i 4,1 ^ 3 b

Unlkrer^NV 19JS5 .5 .65 <24.3) Inc. 05)

°«£ta. xfe atzf" 241 c * p ‘ ««• ■1 ha 7™ urB Con ‘ '««««tftt IR2) 23 ■^w^ro%(?gp?io5‘i , »

rgnTolO^leSrtf^/T «443) K|r*rois (fti) -70 S?'?lV'* 7 *»?*

Drayton Commercial 147 a ‘ -K2JL ®5t, 1 Js 2 .Hgrtaraai7«ooia7h .

EeHnn * 1 Bp* 93 f| 4 f 3 * - Jt -.

6 >cewr BuHdlngs Constrctn Grp _eSl?*l-*f .*
E wi *flS} Letter CSP> 9« _ ■ ?<V

E!S? d 9" FartiEioaiioni ( 1 do) 70 ’j»

-I’i'S * Turner A ttl * 4M . .

0 1 Aeragre* raooi US So: . . “1?.
nnofl Rviptirert cp MOpi 75 i'23 S) - -'fS -
Sreenwich Cabte S3b 4t 4 .

47 «

te&fi’U'S. 65 » «

Lvdenau rB _Pia«fcwm (RO .1951 im

tSSSfl.9S8NBpi.w3u •

3J2"1ff Prop (1 dpi 1081*9

.1SSS2? ft*.* 5 ® 1 >b 7 «a*i3i

HoeiamaiflOBi.agh

1

isgff^sasr SLSff'ctw*.-

UnttoCh (TOP) 2)0 20 2 3 ^ 7 30). Enaiilfi i!?" 1 - .I«.^)0 5? 08 ”* *

United Bhcatts 113 6 7 8 9 2 QU f™ K SSl.W?™? 5 '! 6

71 , UBtaB Etta. Ind. (TOP) 246 7 8 SO S?£"Si ,59b80^_

I,*. Gas Ind. 79 80 b 1 b 73 r5y?^ ,m - na - 175 < TSa>- DM

|P“ ?Vs 3 ■ flftfe’’™ -

‘ * ..Sfj'w... _ First Union. Genl. (R0 2S1 87 ox-ti

Elliott (B.) 85 6 7 8 9t- .

EUR and Evcrard «o 2

Ellis and Goldstein (Hides.) <15 p> 23b 4b

Ebon and Robbins 19 20 1

EMwICfc-HoPBCr (Sp, 6b 7b

Elys (Wimbledon, 277

Emess Lighting 120

Empire Stores (Bradford) 72 3 8

Emray (So) .9

Energy Services and Electronics (lop) 28

BonS n 5ireM* e FaIu+ri ^fuveUt £63 (2 0/3) I EwSritna^iirtl. Sendees riZbp) 137 8 40

England (J. E.) Sons (Wellington) <5p) Lead
28 (2413) Lead

f ngllsh Cnina Clays 155 6 b 7 8 Lac F

ptcure Hldgs. (Sp) 32 b ■ Lee <

PtWi .77 % .. _ ■ Lee I

Lainq 80. A NV 79 80 2
Laird 118 b ■'» S
Lake eii:« 47 >4i a 50 <:!

Lambert Hoavxnh (ZOo) 56
Lamont (IOp) 17b • b
Lanca <20p) 33 (2413)

Lancaster (Spi 26 30 It 1 2 bt 3 4 bi S
Lane <10p, 49

Laporte industries OOP) 149

Lawrence Walter) 160 2
Lawtex 39 40

United Wire Go. 87 9
Upton (E.) and Sois 31 (23 3)
Usher- Walker (IOp) 58 (!9.3»

Valor 52 s

Vantona Grp. QOp* 128
Vectis stone Gp. rlOpl 29

Booker McConnell 66 >«l 7 b
Boeoer aad Hawkes 118

Eucalyptus Tvlp Mills 235

European Ferrtet 62 k 3 b b *« * b 5

Leed tadustrira <S0 p» 177
LnaderSush (HldBSJ ClOu) 32 (23/51

Lectatrigeretiun 2X5 35 6^ *42 5J 5
Lee C Arthur l Sons H2bR) i« b 03/31

LuScJ^vfrtila m? <ZOu) 91

tanfflttfnar " B,a

RHP sc"? 4 l Vaior 52 5

3” V “P- “ n b e Vantona Gre. QOp* 12B

H &nSta AS « s: 3 7 8 80 b: W^H^ V® 29 ■ ■

Radiwt Maul Finishing 02 bp, 52 4 V taw 3 Prods. (WalbcwD^la^Za'jj 1

^.n-ustt. nop) in 3

Ramar Textile* <5p. 9b (24/3) Vlnten S». (2BB 2B 6 8 4 ) 11

2. r *5 nf ** ,l S!! ,®0 1 2 2 8 203 Vita iron (DFIOOS) 70 (24:3)

Ranks Horis McDougail 89 b 60 b If- 2b Vesper 14 ® 2

tanaom tW.i and son (IOp) 238 (19i3i ... _ _

Ransonuss Him and Jrtvrtes (£ 1 ) 215 W— Y — X

first union Genl. (R0 2S1 87 UA'33

FledgelilM levs. 61 HJ.W w

foreign CoJ. 60i- 1 b j. 2
Fuierom inc 44 *i. 6 mj-jj

G n 9 -i 1BM 285 7 91 “• wtiu, its'

G<™™i Funds 275 6. conv. <10 o) 263

Mrom. AtiSSSm***"*** 95 "(24/3) 1 ™ ra _ uw -

i^ l wirS«?.? rafW (BO'-as, 45fl 9? MOW -142*.. 3 *

joiVtoMtoto C« a S k J so o».so, • -./

Pro«d6tk Brand Gold fRO-sm tai r .. <S* J fi « 2 i» i-ii

■ , a ‘ S05 Ml * s.,s BSKSffV *1'"** 11 001 97 * 100 wr£

RSdtemlS'* 3 L fSb?" A/fi wt*®' MWW M

Ru»amrD PtattnuB, ,1^^ : ^ 4

0,1 " Uft - *s?^s«Haaa?Wsi!

^ 0 5 jW 78 ft 4W «> 7 f 1

T^sSa, Can* Urn, miJ JJ

8Sia!lPSSre f S^ 4 4 00 10 , ®*»s &*!'*»*&

iM — — rautm (RDjs) wppi iwmw. - — x

Suuthraai (RO.sai is 1 ' jf't Court- Ngnwal nenwreeg ( 8 W* L'fi ,

TrKE.fcU"!^ seus a.' „ 4 a iw»wwi ‘t ^ . --

Ess-rr^r- .ssM?**ar . ; i ■

Ransrnius 5in» and jeffvries (£1, »s
tatdiae (F. 5.1 Inds, ZB
Raitilffo (Gl Bridge, 74 b (24/3)
Retnors CJ Cur t tiers) (IOp) 43 b b 5
Ray beck (IOp) 40 lfv 1 fo j£.

Reedlciit lntrnl. (9pj 18b *

RfCMK and CaJman 283 4 8 7 b 8 92
Hcdfearn Nat. Glass 142 7* 7 9: ’ut 51

w— Y— Z

w Ribbons noo» 131

WC.f.jog ia ,

Wacc Gp. (ZOp) 20 > w
WfW'Wt** (John) 188 W 2

Wade Potter ka nOm 33

Wadkln (SOp* 78 (24'3>

sssas £nrjp*

i«v. Tst. 136

Great NortL. lo „

Grecnbank Tst. fThoi 113 ft 33! w
Greeefrlar lnv. 4®. w«r, ig .lh.Wa
Gresham House Estate 185 8 37 *

Grp- Investors 101 < 24/31
Guardian Jn?. T«. T08 i 2 g
Hf.fSSP. T*fc_B5

Hill (Philp) |mr. T*t. 131 s t.
industrial and General Tit 74b 5 fo

yiekfontein' Gold (RO.VoPm RTfia rtt Meter f Sol in h aoii '.'),■

Bawosn flAi « a* r: ^

Wert Ra»d Consolidated (Rli si p T . S tT°* Rn (J»w, Rubber fbanMtopa

142 77 7 fl!’/*: 50 wJm iSr^Wdi.^

xksS^! » , ;'x

Financial Times Saturday March 27 1D82

Unl»d Electorate Hldvs eop) 33 A u S Cj-TiD.Pt. 2< : , 24 ,•»

MS 8 SL Frt *wl , » Ira B Res V Cl On) 218 20 Geargis^Pacitf BB7i-
V.W.’*1 Ib 2 Gmwu S1I.J9.1I.U

Electro Comeownts ti2bn) an tan GmETo!

Wiiiatr* System:

Components (I2hp) 96 100

Com EkpI. 2': ,24.3)
Genoa, 011 76
Georg la- Pause 987 1 -
Geosouru £10.33 18.40
Oeomcla! « Lf« S 6 <24)3)

winatre Systems ciopt 13 41 , 5f
Vorfc Mount Go (lOw 63 hi .

ZvBal Dvnamtfai (Sol 83 (2ziS)

RULE 163 (1) (e)
Bargains marked in securities
which arc quoted or listed on an
^^Overseas Stock Exchange
Abrrforio 235 02 / 3 ?

•• ao <*«»*

Arcadia Minerals SJ H lUI}]

Arno inrastmanu 9 “ s ’ '

Al-auv Gobi Minina 3 I-

Asiilon Mining 3s 6 Jj a

Atlantic Aichheld £21 >n

AtwtraGsn Com. Minerals T3I-* 15* T 3 j

Aust_ Foundation I no. e 7
Australian Nat. inn. f41

BMl’”^ n ®" anU Ga8 53 5 s “ * :

BP Canada £114, •

BaguKi Gold Mining »io <19)51
Baguio Gold Mining &

Basic Resources Inti. 98 tos 10
750 f 19,31

■anr "

Gaint Yellowknife 400 f23.'3)

Gold Mines Kal[|.;orih» (Ant.) 195 200
Great Eastern Mines 5U i23lij
Grcenbustics Tin rASOIOl 42
Greenrate Mining lASDCS Pd.i 8 gi-
Gulf Canada 549 SO 75 75 7 SO
Gulls tream Resources Canada -1020 9S-'« 8

Hang Lung De<n. 38
Haoma Gold I BO 17 18 ■< 19
Hanogen Energy 200 ; S

Par ^Singapore Regj 800 £ : ;0 80

ESSLfin-dS 7 *» 2

Boral 13DJ|t 4D'|
Bougalnullc Copper fig
BOW Valley 590
Brambles fnd. 118 25
Bridge Oil leo 71 -

E runswkJi- Oil 20
ukit Scmbawann Ests.
Bettes Gas and Oil 67 S.

Handgen Energy 200; 5

Ha«^ Rar^ tSingapore Regj 800 4=;0

Hccia Mining 4621; 12313}

Hewlett Packard Efgi;

Hlghveld Steel 155 (24J3)

Hiphngm Res. 70 124131
Hill so Geid Mines ia
Hltacdl 136

Homcstake. Mining. 1121
Hong Kong and Kowloon Wbirf 40
i23i31

Hong Kong Land &S'H S 'j 7l*S 'i
Hong Kong Teleenonc 261 123)3)
Hooker Com. 73-124)3)

Imperial Oil A COnv. 970
inti. Harvester 350 I2S)3)

Intm). Mining 13® 12 14

Intntl. Petroleum 130 5 6 7-=t 40

Jardlnc Maitieson 1540 46 7 8 9 51 Jj

Jardlne Matheson Finance 17U 1Si M
- 123 3)

#1 D*»- jO'^ac Gld. UnJ.n. 1954-95 £S G

Jardine Secs. 115
Jardlne Secs. Warrants 32 <24)31
Jennings Jnds. 50 i24'3J
Jlmberlana MlneraK 14
Justen Resources 23 ■»

R Mar* £ 1 QS (24i3>

Key West Expl, 6 I*

K 0 -Ora Gold GHD 12413)

Kitchener Gold Mining 62 5 h
Kullm iMalaysla} 54/6 (2413)

Ldchardt Ex pin. 8 i24)3)

Lend Leas* 179 BO

ukit Scmbawang Ests. <
■ties Gas and Oil 67 S.

■ : -C.utlem.ilne Tooheys 19*2 20 (22131

Central Norseman 232 5 ”

Eemral-Pstlhc Minerals 300 2 3 4 t.

6 ijl 6 71; 8
Ceres. Rb, Bo
C heung lung 150 6 -v
China Light and Power 117 <24)31
. 7 Cities -.Service £14.77<; 124/37

Clareront^Pciroleum IAM1J5J 60 1 1 .

. Ottto lASO.ZOl 54.S 5 '

. - -CluB Oil Australia 27

■ ’ Coca-Cola £18 40

Coles <G. J.) 11 3 'i 17 19 (2313)

Cones Australia 2h + 1 * 3
Ccns. Gold Mining Areas CASOJS) 2 '*
Cons. ModderfonleJn* 72<p 2 SUS 1 33 4

cons. Rewarces 3>:

Coming Glassworks £25‘»is <23’3i
C Osaka 290

Cullus Pacific 1S<H> 17 »« ij IB

§^& £ i?o ( it 3,3)

. <24)3,

».fi or ?i r Resources 20 >•

‘’Double Eagle 46 7 B 55

Droser Inds. £1320 .1 3 23 .13 JO .13

B U Pont <E. 1.1 De Nomours £T 8 >« ( 22 I 3 )
union Olympic 59
ESI London 200m 54) 3
• £Z Inds. 1921: 7U .

. . Eagle Com. i7

East Alrican Breweries 30 <23)31
East Coast Minerals 3 <23/3)
Eastman Kodak £40>>

Emerson Electric £28<: <23 r 3)
Endeavour Resources 1 S ->i„ ?» t> In 1 .
Energy Re*, at auu. 78 *

Engelhard Com. £11

Eurocan Ventures 26 ij
Exxon Com. £161*

Fairchild Inds. 673 (2413)

Talmouth Pets. 7D <23131
Flair Res. 1 22 1; f 7 1 30 4t
Forsvth Oil and Gas 1 1 * ? 4
FUll Photo Film 297
Gearhart Inds. £10.32

MONEY MARKETS

London (Heating bank base

lending rale 13 per cent
(since March 12)

Day -to day credit was in short
supply in the London money
market yesterday. The Bank o'f
England gave an early forecast
o-f a shortage of £300m with bills
maturing in official hands and a
net take up of Treasury bills
accounting lor £321 m and the 'un-
winding of previous sale and re-
purchase agreements another
. £ 2 18 m. In addition the note
circulation rose by £145m but
this was offset by net Exchequer
transactions of +£300m.

The forecast was later revised

Kircncwr Guicf Mining 62 5 1
Kullm iMalaysla) 54 6 124131
Ldcharttt Ex pin. 8 i24)3)

Lend Leas* 179 BO
Lonnsdr Oil 12>i
MIM HUBS. 159 \ 60 1 2 3 4 5
Hacfie Resources IE I24I3J
Macmillan Bloodel 950
Magnet Metal* 90 8 '.-
Manellan Pet. Aust. 135 (24)3)
Malinun PlnU'ns 49
Marathon CHI' USS7BA. . _

Marks and Soencer Canada 400
Matsushita Elec. Inds. 228 SOi*: 40 2
Meekatharra Mins. 116 18 19: 20 2
Metals Ea pin. 16 47 IB t 3 19: 20:
Meana ■ Mins. 9 H (2313)

Metra mar Minerals, 140 <24/3}

Mdi East Mins. 71;

Minefields Expl. a 124)3}

Minnesota. Mining <24)31

Mitsubishi -Hear Inds. 44-. •

Mogul Mining 50
Monarch Pets. G > 7i« 8 ':

MooiHe Oil 68 70 2 4
Moore £16** 12413)

New moot Minina £lRi*m
Negri River 13-14 IS J«

New Metal Mines 12

New Town Prop. Wmt. Hx (2413)

New Zsa/and rprest Products 120 7 (24)3)

Nicholas Intnl. 73 <24131

Nickelore 12 14

Noranda Mines 760 75

North Broken Hill 114

Oakwood IM. Pats. -71;

OHshorc Oil <AtO-05> 10 '* 'ill 1-12
Ditto 1450.10.' IZ's 13W »» 14 .

Ohio Resources 38 40 2
Oil Co. at Australia 14<i IS'* >t -S 16‘:
17 I* 18

Oil and Minerals Quest 4 6
Ollmln 36 (24/3)

Oil Search S'i» «; J* 9 »* i;i *a
Oriental Peis, and Minerals "it <19(3)

Ottor Ex pin. 37'HB

Overseas Chinese Banking 2820 8 <23)31

Overseas Tit. Bank 47

Pacific Copper 62» 57 B It 6 2

Palabora Mining 375

Pall Corn. £u * (igiji

Pa Miser Res. 90 *m 5 B 101 'a

Pan D'Or 9 123/3)

Pan Pacific 7'* *; (24/31
Pancontinental Mining 104 5 6 7-"» 8 9:
Pancontinental Petroleum 15 <241 3*

to £350m and fbc Bank gave
assistance by buying £424m of
bills comprising £40m of
eligible bank bills in hand 1 (up
in 14 days! at 1SJ per cent and
in band 2 (15-33 days) £lm of
local authority bills and £139m
of eligible bank bills ail at 13
per cent In band 3 (34-63 days)
it bought £113m of eligible bank
bills at 12} per cent and in band
4 (54-91 days) £30m of Treasury
bills and £I01m of local authority
bills at I2J per cent. The fore-
cast was again revised to £450m
■shortage before taking into -
account the morning's operations
and the Bank gave additional
help of £80m..

Pancontlnemal PMlWtevm Owns. Bh 11

PewiwaiisBiid zoo 2 3 ): 9 :

Pclstart 18 19 20
Penn Central fild’i/t _

Ponney U. C.).£18>B <22/3)

Pirkcn- timer tlU« C23|3l
Perk in-Elmer 35';

-Peirohiu SA £47
Phelps Dodge ussz*J«; £13.07
Phillips Morris Inc. £26'a
Phillips Pets. £16
PUgnm Pet. 15
Pioneer Concrete 75 6 7 80
Pi Its ton £10-02': 124/3)

Placer Development 5950 '2413)

Poseidon 89 90 1 ■; 2 3 5
Power Corp. oi Canada 510
Prime Computer £|J.JZ
Project Oil EXP. 26 (24)3)

Queen Margaret Mines 6

Raytheon Cl 8-40

Rembrandt Group 3700 5 (22)3)

Repco 77 J24/3I
Resource Service 145 (23)3)

Rowan 588 90

Royex Surge* Mining 1201- 5 40
S and K Petroleum 70 2
_V.OL 121 2 £■» 7

5ca View Hotel 117
Sekingor Props. 1250 E
Se trust A 35 9 40
Sellrvsi Z 54 (22)31
Shark Irion Pet. 11 ». 14
I Sharp Con. 150 3 6';

Shell Canada A 7361- (24 31

Shell OH £19211

Sidnev Dovelopmem TOO <24)3)

Singapore Land 1 75';

Southern Paclhc Pets. 15 '*16 t 17 18
Soirso 10'n. 11 13 13 -S '*

Sr»nd*rd Oil of Indiana £20 "l 21.33
21.35 21 !; 2 I*

Standard Oil or Ohio £18.40 18': *» 18.80
1 8 .85

Sterling Pets. 4/-®

Straits Trading iZO (24)31
Strata 011 28 91; 30
Strata Oil Options B 9-'*

Sturts Meadow Prospecting 43

t umitomo Metal <D>i*
uucrior Oil £14 14.65 141*

Sun Hung Kal Props 56 8 <23)3)

5onma*k Pe» 195 <74)31
Super Valu Stores BOO (22)3)

Swan Reuurces 23-‘* 7

Swirp Pacific A 93 »• 4 4: *- 5 >m >|E>:

Swire Pacific " 17 <23<3)

Swire Progs. 55's 6 ': 7'- '« li 8
Tel h-Hjrg P-ros. ’I'-; 20
Tara Exo. 300 12413)

Target Pel. 12 >ih 13
T-;k r-*. B J6 1 *'; 5 7
Texas Gulf £14 JR)

Timor Oil 3':

Trafalgar Housing 21 1 * <T9)3)

T P'.ri*tt4|iui w t4-f7A >

Unldev 175.80 <19)31
um levee Nv fFI 70) £32.20
llfSen Pacific CVS. £20

Union Oil of California f 17 17.40

KIH Overve n s Bank 1/11
Utd. Overseas Land 68 71
■<t«. Plantations Berharl 138
Valiant Const). 90 7 8*i-
Vim B

vernitran 556 i24'3)

Vlr-or JOnk 1 Ij

Vulan Mins. 4D <Z3’3*

warv'or Res. 35 9 4’ S

Wme Management KIE V) 17'« <24)3)

— • <■„-» Hf-«K. ■*■- >74131
Wmw, pxnurcec is 3.64th* (19)3)

Westfield. Ml ns. 420 Z
w**rinnhon»e Elec. £1 1 04
Whiwiock Mareen A 53 4

'■"Hwlork MarNn B 3 i24tH
W-— lorfc Mur-lme P 3L- (22/3)

Whim Creek Con*.. 20
Wn<v*slde Prej. 4K 7 1 * ■*« 8
woelwor»*i <F Win* America R7R 87':
Wonlwt—hs Hldos 295 -tno 174.3)

0* Class A 270 >24)31
World Int 26
Vjwkawa Elw-rlr 150
York Pwourees 18*> 19 20 1

RULE 163 (2) (a)
Applications granted for specific
bargains in securities not listed
on any Stock Exchange

All England Lawn Tennis Gm). £50 DU
1951-85 £B ISO 225 300 124/3)

Ann Street Brewery Z95 300
Aston Villa FA <1 rate) £10 'Z3f3]

B.E.T. Omnibus Sendees 157 60
Baker Electronics Z7 8 i22)31
Berkeley and Hay Hill lav.7'“i:

British Urallte ZH h

Bumsugh (James) 1 14 (22)3)
Cannon Street Inv. 9
Camngton Iny. BpcCum-PI* 45 >*

Castletown fremry 3'MxTstMra.Oo. £26 DC
124)3)

C.I.C.. Inv. "in
Clavhithe £38 (24/3)

cornel Bank of Wales 9B 100 1 2 S S
<24/3)

Cornel, and ind. Sets. 250
ConlSler Tit. Ill
Dawson (Wm.) 102 H '

Debnrali Sendees 60’v (7413)

Dcltlgnt mas- 16 /a (Z3t3)

Dollar Land 2B |23<3>

Eastbourne WtrwLs, 2-Bpclr.PF, 38-j 40

Eixleslastlcar Ins. Office ZZlpclnCum.Pf.

23'; Si; 119)3)

Eve hem go f« <22/31

First Castle Electroidcs 12 pcCun.Uns.Ln.

1955-37 £B 0 pc lac
Granger Tst. £10.05 <23)31
Grendon Tit £40 dc '.pc i23)3)

GRA Prop. Tsx. 18 'n. I;

Guernsey Gas Light 41 £ (24)3)

Guernsey Press 400
Guernsey Press 5ocPl. 33 <24/31

Hamilton Long ZED-

InsUnt Saner Eng. 1 1 - 2<: <24/3)

island Garages 20 (24*3)

Javelin Eanity 1 st. 160 4 <24J3)

Jenkm and Purer 3”i: (24)3)

Jennings Bros. 1 32-.
jersey Gas 115 <22l3)
jessel Tst. 8 "l- 9

Rave Organ Isacon 5-725pcCum.Red.Pf.
Kave' Organisation 8.75ncUns.Ln. 1986-31

£74 '-PC 5 PC

Kent County Cremator mm 125 30 124/3)
Key Cltv Props. 46'- 7 <24/3)

EXCHANGES AND BULLION

THE POUND SPOT AND FORWARD

The dollar was generally
firmer in currency markets
yesterday ahead cf ihe weekend.
Several factors played a part in
rhe dollar's continued rise.
There was some demand ahead
cf the month and quarter end
and Eurodollar rates were
slightly firmer. The market was
also anxious ahead of U.S.
money supply figures which were
expected to show a further rise.
Against the D-mark it rose to
DM 2.3945 from DM 2.3915.
having failed to maintain a level
above DJI 2.40 touched earlier in
the day. It closed at SwFr L9125
against the Swiss franc from

GOLD

SwFr 1.9030 and Y247 from
Y245. On Bank of England
figures the dollar's index rose
from -1 15.2 to 115.7.

Sterling suffered ' a follow on
from Thursday's selling in the
U.S. and may have attracted a
smoothing hand frem the
authorities at lower levels. How-
ever demand picked up later in
the day and it finished at its best
level although still down from
Thursday. Its trade weighted in-
dex slipped to 90.9 from 91.4,
having stood at 90.9 at noon and
91.0 at the opening.

Gold fell $4 an ounce to close
at S322i-323J.

U S. 1.7810-1.782
Canada 2.1880-2.198
Nathlnd. 4.72-4.76
Belgium BO. 60-87. 10
Danmark 14.56-14.64

Ireland
W Gor..

, Popuaal •

Spam

Italy

* Norway
France
' Sweden
-Japan
Austria
Switz.

4,27-4.30 .

1&75-TZ7.2

188.80-189.7

2.344-2.381

10.85-10.90

11.18-11.22

10.02-10.57

439-444

29.95-30.20.

3.40-3.43

4.74-4.75

80.85-80.95

;i4.IB-14;B4‘

2.354V2.356 1 2 24-30 lire dt*

% Threo

*4

One month

p.s. months

p.a.

0 JO-O JOc dis

-1.67 0.80-0.90dis

-1.90

050 -0,60c dis

-3.00 1.70-1 .SIM ia

-3.18

2 *«- 1 1 «c pm

5.37 8V-5» a pm

4.95

5- 20c dis

-1.85 56-75 tfis

—3.21

2-3ora dis

-2.05 774 -B 1 * dis

-2-32

0.61-0.74p din

-5.5B 1^8-2.03dis

-S.29

T’j- 1 *ipf pm .

. 4.S5 4^^4^>jjm.':_

4.08

85 235c dis

-15.12 240-590dis -13.08

55 -85c dis •

-4.43 180-225 dis

-4.38

10 . 88-10 A9
11.18-11.19
•10.B6-10J7
447*2-442**
30.10-30.15
3.411n3.«2\

1V2%ore die
20*1-24'’ dm
1-V*r» pm
2 . 60 - 2 . 30y pm
14-llgro pm
SPn 2*sc pm

-13.78 64*j-72‘sd»s -
-2.41 5V6*. dis -
-24114 31-36 dis -
0.78 2VV* pm
6.65 7.45-7.15 pm
4.98 35-29 pm
8J3 6\-6*i pm

Belgian rate Is tor convertibta Iranca. Financial Iranc 91.50-91.80.
Six-month (oiword dollar 1.82-1 .72c dis. 12-monlh 2. 70-2. 85c dis.

EXCHANGE CROSS RATES

Close ; :832Sig-323l2

Opening ' 6321 le 3881s

Morning fbang— rS322.75
Afternoon fixing >,6523.05

Gold i

Krugerrand 333-333**

1/2 Krugerrand-. l 517Hi!-172i|

W Krugemuid...5B7-88
1M0 Krugerrand-;SS5'i-3B*E

Maple leaf- i5334-335

New 8overelgns. | S79-78lg
King Sovereigns. S36-97
Victoria Save..... .'596- 9 7

French -S78tg-8Bii

60 pesos Mexico S399-4C2
300 Cor. Austria |S3 13 1*-316
820 Eagles |s447-452

Gold Bullion (fine ounce)
'-8322*2-323 1? (£180-181 > = ) 5326 lr -327 1»

(£180 1801*/ 5532-333

(£180.661'.

(£180.108)

5328

;S327.75

(£186-186)*) '5336-336^*
l£B53*-96io ,5173-174

+£48i*-49lO

(£19^-20m

[£1861*187)

(£44-441*1

t£53J*-54l*1

|£53»*-54m

(£433i-49*2)

sea-89

536-37

S337-338

S793*-a0»4

597-98

597-98

'S7B-B9

(£223*i 224*2) 5403-406 "z
(£175-1761*1 531611-319

[£249 1 2 -2 5212/ 5449-454

f£lBU«-lB18*)
(£1 833*- 184 1* )
(£181.667)

. (£181.710)

(U86V187I*)

(£961* 963*)

■£49-491*1

i £20-20 ill

(£187i*-187S«)

<£44-**-441*)

l£53i*-54l*i

(£53*4-54*4)

i£44-4B*ji

(£234-225**)

(£176 177*4)

l£249^292**l

Pound Sterling
U.S. Dollar

Deuta'-hetnark
Japanese Yen 1,000

French Franc 10
Swiss Franc -

Dutch Guilder
Italian Ura . 1,000

'Canadian Dollar
Belgian Frano 100

Pound St' rllng| U.S. Dollar | Deutsehem'klJapan'ieYeni French Franc Swiss Franc /Dutch Guild’l Italian Ura [Canad la Dollar. Belgian Franc

3.060 1 4.242 2106.

1, 1.386 ! 688.2

EURO-CURRENCY INTEREST RATES (M arket closing Rates)

i Sterling I Canadian : I . _ [West Genman|

iinr 26 1 ! u.S. Dollar 1 Dollar Dutch Guilder; Swiss Franc ! Mark

Short term ........~i

. 7 days' notloa

Month ]

-Three months ..J

Six months... i

One Year !

13is-13i*
13 bg- 131 b

13fi-13i-i

13Bfl-13&*

13fis-13J*

1358-131*

14*s-141«

14;g-14-j«

141* 15 1ft
151 8 -151 b
15U-151*
16-151*

Canadian

Dollar

16-17

16-17

16JH-1G3*

16*2-1BTb

161*1678

1658-17

I I Belgian Franc,

French Franc ! Italian Lira Convertible Japanese Yen

18-60 18-24 9*c-lll r I 7*^7^

35-50 25-35 13-16 73* -7 Jn

37-40 26i*-29U 15-17 | 67# 7

2<VE7 243,-261* 16** 171* , 6™6:j

21-24 | 2318-2438 16U-17la 6 ^6^

! aO-23 ; 2318-24** 1 15*2-16*2 ! 6ii-5ii

BFr (financial): Bhon-term 10-11 par cent: seven days' no lice 12*r13 per cent: one monih laVia** per cent: lhrea monriis 14*2-143* per cent: six rnondis

'"MR 'hiikod^dBposiK^one^ionrh ^Vv'lS^iv par cent: three montljB )4*a-14»* per cent; aix months 13^-14*, par cerrt; one year 13»j*-18»Sk per cant.. .

ECU linked deposits: one month 1B-I8>a per cent; three months 16**-1W» percent; six months 1«>»-I4«i fe per cam: one yoar 13V-14 par cent.

Aslan S (ctot/fli rates in Sinpapore): one month 144-15 per can): lh/ 6 B monjhs 15**-15>, par cent: six moniha 15» tt -16'i* per cenr. one year 15H-15J per cenL
Long-term Eurodollar two years 1&Vl5Vper cant; thiea years 15*4-134 per cent: lour years 16*4-15*1 par cenu live years 15V13 B li per cent nominal closing rales.
Shou-»rm rates are cell lor U.S. dollars. Canadwn dollars and Japanese yen; others two dajm notice. * ,4 on «

The followin') rales were quoted (or London doUw certilicaios oi deposit: one month 14.8S-14.7o per cent; tiwoa months 1480-1490 per cann six months
14 93-15.00 per cent: one year 14.75- 14.S5 per cent.

FT LONDON INTERBANK FIXING (IT. 00 a.m. MARCH 26)

5 months U.S. Dollars

6 months U.B. dollars

bid 15 5.1 ! offer 16 I bid 16 i« j offM 16 W

LONDON MONEY RATES

The Fixing rates are tfis erithmgtic means, rounded lo the nearest one- sixteenth,
oF the bid and offered rates for SlOm quoted by the marfeet to five reference banks
at 11 am each working day. The banka are National Westminster Bank, Bank of
Tokyo, Deutsche Bank, Ban quo Nationals do Paris, and Morgan Guaranty Trust.

Mar. 26
1982

^Certificate 1 Interbank Authority negotiable .
| of deposit I deposits , bonds ;

I iDTSOOUni,

-Company Market Treasury

13*8-131*

13*4-13*8

Deposits De posits . Depoaita j
— 13*4-1378; 1D-138BI

Eligible
Bank
Bilts 4

CURRENCY MOVEMENTS

1438-14
14 i*-13*b
14 ia-13 S*
13*4-13
13>*-13Se
13*4-1536

1378-14 I 13-13**'
' 14.14*8 13 I

14 12** .

13T B 13Hrl2*a

13 ( 13-Jf 13*8 |

125* . 12 i.

12H-lS*a 12^-12, s 12,'* -ISi?
— I — ,12,1-1256.

Overnight.. — 10-131*

2 days notice™ — —

7 days or. — —

7 days notice.... - 13** 13 *e

Ona month 1 13:i-13« J3ji-13*B

Two months.... 13»* 135n , 1358-13,..
Threo mo nth a lShi-iaft , lfSe-lSS*

Six months 13*c I3Je j

FH no months.... 13*e-138a

Ona year 13*5-lS5a J lSsa-iS**

Fwo years - — —

^Locol ---me, -nd flnance hov ses seven *£ S

•^bJJSS^Jws'lM^pr'm* paper. Bering rates for tounnonth bank bW. 12*. per cent; lour months bade biff. 13*. per

Sterling j

U.S. dollar. !

Canadian dollar....
Austrian so hilling.

Belgian Trent-

Danish kroner—....
Deutsche mark.—.

Swiss franc

Guilder ,

French franc- -

Ura

Yen •

Bank of . Morgan
England | Guaranty
Index Changes^,

90.9 j -33.8
116.7 • +7.9
B8.3 , -18.1.
117.1 j +26.1

95.0 ■ —1.9

85.0 ; -13.9

123.6 > +46.7
154.3 i +107.6

114.6 +21.4
78.6 I —16.4
54.2 , — 58.2

133.7 I +S7.B

' ^premmnw aeWrw ra»» buh,*' tv? £°2Tnv. vmfmtmxha* 12 ^ 1 ^*^ ^ ^d w» ti»da wetghted cfaen ges irai

sriid^M.TfrimrsrsS'' — «?»• '** -* *"• £S H 3tffir , ss. D sS7JS;

3*» jar cen t (oubllshed by The Finance Hooaes Awociation) 15 per earn from March 1 1982. Clearing 1875=100).

mFSSUmS CH - rinfl B - nk RK “ tor 13 “

*) 5C 13* U * P° r '«»»■ ««■ M*"* 8- posits withdrawn for each W per cent.

OTHER CURRENCIES

EMS EUROPEAN CURRENCY UNIT RATES j ; —

'Ijjriin Franc ...
innh Krone ...
irmcn D-Mark
inch Frnnc ...
iten Guiidor ...
ah Punt

hen Lire

44.6963

8.1 8382

2.41815

6.19564

2.67296

0.686799

1306.13

Currency
• amounts
against ECU

March 26

46.1956

8.16964

233498

6 .25078

2-66142

0.691152

1315.47

.% change
from
central
rata

change

adjusted for' Divergence

±1.5440

±1.6428

±1.1097

±1.3743

±1.5069

±1-6689

±4-7242

Changes are for ECU. therefore positive change denote* V
weak currency. Adjustment calculated by. financial Timas*
Starting/ECU rets for March 28 0.S592M

-Mar. 26 , ! ■ - £ -

| • Note Rates

Argentina Peso— 20,054 20,074)1 n,200. 11,250)' Austria-.— _ : 29.95-30.25
Austral la Dollar— 1 1.6960 1.6980,0.9490 0.949S 1 Belgium— — 90.70-91.70

Brazil Cruzeiro....; 269.8a 260.84, 145.28- 146.01 Denmark—.. . 14.56 14.70

RnlUKl Markka.. 8^35G.251 ;4.6135 4.6155 France : 11.15 11^5

Greek Drach ma.J 1DB.S39-11Z.BB6 62.0062.20 Gsm.^ny_ 4.261*-4.30'*

Hong Konn DollanlD.39 i*-10.4O»e; H.8200-5.a250 : Italy...— 2315-2360

Iran Rial.- ! 147.40- | 81.70* i Japan 442 447

KuwaltDlnarfKD> 0.606 0,512 1 0^859 0.2861 ■ Netherlands. 4.72 >*-4.76 U

Luxembourg Fr-.l 80.85-80.96 ‘ 4BJJ1-45J3 'Norway 10^4-10.94

Malaysia Dollar...; 4.1780-4.1820: 8.336a2.3380 1 Portugal - i 124-129**

New Zealand DlrJ 8.3160 8.3180 1JB65 U976 Spain 1B3-193»4

Saudi Arab. Wyai 1 6,06 8.12 |3.41903.4220‘Swad«n- 10.51-10.61

Slngapora Dollar.. 3.7975-6.8075)2.1270.8.1280 Switzerland 3.39i*-3.43H

Sth.Afrioan Rand- 1.8685- L8700 ' 1.04351.0445 1 United Statet™, 1. 77i.-l.79J*
UJLE. Dirham 6.516.57 j 3.6700^-6730, Yxgaslavl a 92-103

f Hvd *w IM*. * SaWeg rate.

FT UNIT TRUST INFORMATION SERVICE

Abbey Unit Tst. Mngre. (a)

72-80, Gatehouse Rd.. Avlntwy 0246 5441

I S

Gtksnvtdim. 1032 10^a.-<L2 -li-fij

l em ma __ Dll Clm ... oM

WorWwidv' Bond 109J 115.3 +Oj 477

IfW.Tsi. Fa H.4 -02 92A

Equflai Prog. -... 92JH .. 4S6

AUTHORISED TRUSTS

Crfeigiiioimt Unit Tst. Wgre. Ltd.
BiKLIerwury, London EC4K SBD 01-246 4484

j Key Cltv Props. 46'j 7 <24/3)

l.E.T. HldtC 1 15 7
Le Riches Stores 23 S 7 i22.'3)

Lifeguard Ass. 290 300 123'3I .

Liverpool F C. C22S 6 9 30 .33/3)

Mainline Elect. 2 3 <23(31

Manchester Uid. FC 170 BO

Mm ^ OFerra'I AJSSncIslCum.Pf. 30 2 ';

NMW tamnnen 170 I; <23J3)

Norton Vllliers Triumph >a 1
Oldham Esu. 13) Z
Ouvah HiahfieldS 50 1*

Pan Atlas 6'»-t2 5;3)

PMPA lirsee 41' 3' f25)3)

Pontlow Hldgs. 62 4 t23/3>

Rangers FC 017
Roraco 5
Rathe Plant. IB
Rowe fnm Inv. 32'. 5

SPO Minerals ID 'j I 2 3
Spenrer t|.< (Aberdeeni 55 <2231
I Star Offshore Services 44
3M UK 43pcPf 37 I; (1913)

Tam Hill 6 '* (23/3)

Trust Securities Hltfgs. 350 1 <19/31
TwfMock £72nc 4ec
VIHiers Hotel BpcBCum.Pf. 22
Vllllers Hofei 7ocCum.Red Pf. S 2
, Weetablx A <non-vta l 78 80
Welsh Inds. Inv. Tst. Pfd. 7k 82
West .Hartleooel Steam Navigation 5':pc
Cum.PI 300 40

Wolverhampton Wanderers FC £65 70

■23-'3>

Wvnstay Props. 101 3 <2413)

Y elver ion In vs 31 3

RULE 163 (3)

Dealings for approved companies
engaged solely in mineral
exploration

American OllfieM Systems 112
Aran Energy dLQ_ZQ] 17 > I 1 1 >3

20

Atlantic Resources UEO-25) 1 S 6 b 60 2
Berkeley Exploration ana Product. 247 .SO
4

Caledonian Offshore 95 106

Do. 4pcCnv.Un.Ln. 2000 CESpc Pd.)
£1 PC /-pc

Cambridge Petroleum Royalties 215
Candecca Resources 152 3 41; 5 S 8
60 -2 3 5 6 7 B 9 >] 70
Eabnron OK and Gas 4S\ 52 -u 5*2
Energy Sources <N.I.) id
K en mare on Exon. rj£0.25' 10
Marine* Petroleum S3 S 7 8
Moray Firth Exploration 47 50
Osprey Petroleum 58
Steaua Romana iBrltithi 35 '« 8 9 43
Sun Oil Co (UK) Oil Royalty Stock Units
llpj *38 50 8 60 S
Celtic Basin oil Exploration 200

(By permission ol rhe Stock
Erchango Council)

Allen Harvey & Ross Unit Tit. Mngre.
45. Comtvtl, London EC3V 3PS. 01*236314
AMR CiK Trim — f915 91 ) f -03 1247

Allied Hatobro Ltd. (a) (g)

vauMto&rrMBr

Mii!< l 'h» 2J) • 48JM -O.d 5 48

S^Lirt. TSdir : m wj !«

SSAttSEzW m S\tS S

ssaswfciER §H! |

Haifibra Acc. Fund ~ 207.7 £2^-53 4 50

HNfa Income TS>3

North American . _.HT.h

Canadian Esennn* ...p3 ?

Canadian Tne*_. _(4o?
MU Mourn Hgh Inc.*. .H6.7
Recwry .... __ . _.|57 0
Gih Trust . _ .1348

3 -0.1 1117
622* *U 2-70
576 .. . 343

SOS -*0.9 2 72

non . 9.71

h? ■ -a: 3Sa

41 as -0.1 1338

Klanwset Benson Umt Managers

20. Fertonch SL, EC3 01-623 EOOO

ICS. Unk Pa rnc_ .. (117 4 lWH *141 536
KB-tflUtfOAc.. , r„ 173 4 140*23 530

K.B.fd Inv. Tvs .. 702 86301 . . 4 71

K.B.Fd IATst_Acc. 90 2 - wSl 4*1

KBSmkCo'sFBlnc..-. 622 ba TbJ -. 0 .- aV

- — 04 637

... “06
. .. RDh

%M~-U IS

Intemathma) Fundi '

Internal lots) [322 345i “04J 2.90

J^Mn Font) ... 125.3 27-1 -0 J] 0.61

Pacific Fund E.1 65.S -02) 144

A»m»iSpec.Sits..»a Kff +0-3J LOT

Secs. W America. J79.4 85 +0.9| 2JB8

SpcsUSst Funds

Smaller Co-S Fd. —462.4 l|J« ..--J 332

an Smfr. Co'i FA <7.1 8233 -0.1J TJf

Recovery — . 30J -0 A 4-45

Met. MbvS.C-dty.__ S3 Wj . . J fi.4? .

Overseas Earnlrgk p02 85JS -0J| 439

p— pt ftnch

Income Exempt —.1563 69.31 -OJI 7. “3

Far East Exempt <67.6 7031 .. .71 L7|

Sautter Cd. Eiempt _uS6.7 llifl .... J 3.53
U.5JL Exempt :.{l2ftb 1»5M rl2| 2.92

Anderson Unit Trust Managers Ltd.

62. London Wall, EC2R 7DQ 01-638 1200

Anderson U.T_ — 164 b 7DJJ| I 3 53

Ambacher Unit Mgmt. Co. Ltd.

1. Noble St, EC2V 7JA 01-726 4931

Inc. Monthly Fund 11024) 172. to] J 10.36

LelcsMen.Fd I55JI ■ Mill i 7.33

Anthony Weier Uitit Tst MgmL Ltd.

19, WUegate SL, Lotufakn, El 7HP. 01-247 6627
Wleler Cwth Fd. Inc.. 134. 7 373d ... I 2.^

Do.Accum |«9 48^3 ( 290

Arbuthnot Securities Ltd. (»(c)

37, Queen 5 l. London. EC4R 1BY. 01-Z36 5291
Capital Growth„. —1333 W3 .._J

■Weetdy eeafiig »r Wrirntday.^ KBHi*i«d.A«.._.. [70.4 7b.7| . ..1 1

Crescent Unit Tst. Mngre. Ltd. larig) L * C Unit Trust Management Ltd..

4 Melville Ores, Edmbu-gh 3 031-22 p>W ■ The Sloe* Eoefiange, London EC2N 1HA 5682800

C res. Amman. ptl 4L1J «IU 0.97 LiC Inc. Fund _.nS9 7 175 R 1 3?9

SS.E8Ste=:««x M 3 1“ ^cimi&Ge« F d._.lfiL ml ..I

Crrv I5wr^*!t , .'7 gl 50. Legal & General TUntt Tst^ Mngre.) Lt(L

Ores. Tokyo..; :_.[B4 -04 0-* 5 Raylnqh Rd , Btemwnod 0277317253

EowtyDis — [947 HE4tS-0.1l 4 '

Dartingtnn Unit- Trust MngL Ltd. • U|4&- 14533-0^ <

Endge Chamber. Baramapte. Otnmn 0Z71 76324 Glb &3L3 1383 . -I «

Total Peri. Unit Tit. (235 »JJ . ... 15.14.-

Leonine -AdmMstratien Ltd.'.

Discretionary Unit Fund Managers. 2, 5 l M ai> Ate. EC3AS6P. . 01423 oi
3b--36 Me* Broad £, EC2M 1NU. 01^384485 S-S2l? r J£ ,J,,n " ; "— -I *
Dr*. Jr*. March » . |27lii 289.51 t7-S) 4.67-- LeoAccum Il46i*.l353] . | l

□unbar Unit Trust Managers Ud. Bh - Unit tst. Mngrei Ltd'. '-J?

53. Poll Mall. London, SW15JH. ' 01-9302122 fagrarar s.pepr.. Ronnrty-Sea. '

Qnittcr Management Co. Lid.

31-45 Ci eVuir 5l>r;l C.Z2 P.+W-.-'

QuMranrCi-s Fd.— Rgg J -I ili

Oiudra tt (nesar . JIW } • ‘

Cuacrjnt Inti. Fum [(.In.-* - 29*?. i

Cusdranc Recoi+Ty |l 2 Tii .. ! •-»

Reliance Ur.it Mgre. Lie.

Reliance Nfe . Turivicnp <Ve:“. • : _ _ ZSft -- -

Ooty-rruru^' Fimd tj T ! l""-5 . .| *;<'

SeflornrT- (atc.J. WO . JL'T “i V- i-qT

SekwrerTu Inc K »0 52n, !| >..95

Ridgefield Management Ltd.

1 Fmstwn 5g . EC2A 1PD C 1-55 f ^

Income L'T, . ... .| 7 i s |J'I -C.T

iDtenoHdnalUT — I 1 C ?.1 1106; - I *

Rothschild Asset MsiugcRrent >a> -o' -?_•
72JD. Cotrhouse Rd Ayle-,MiTn
N.E.En^Rr^lu. ..jl«£ la^+IN 7-^

N.C. ItWTpe Ft... ... ha; “ * ??

-w* iKirn ■« iuhii a su. miwi».r mu. M.b. mumn. ■

5 Rayleigh Rd , Ebertfwnod . 0277*17253

EawyDs «T 102 4dJ -0.1J 4 51

EohIvAk. 1134 fi. 14553 -OJ 4.51 «*■ C. 5m. Jier Cos... . ,05-r t>Ns —

nyi) ljC3 .Tl 695 u™-,. ihH« T«»r Mc-nf <a»

Leonine .AdmMstratien Ltd. .

^SLMii>Aae.£C3A86P. 01«3ol]4

Leo Dm ribtmon 11252 TOJBT .1 O.SC
LeoAuum Il4bl> . 1553 . B45

Rowan unit Trust MfiffL >3

City Case Hie.. Fimiiirj 5= E'2

Amencar Wares 16 I j02 1
Svcuiibri Uor £5 .(^.o 0
High Vlrid Vj’C" 2b lh? ;

Merlin fttd icti 24 — 11^5

[ban. UraLi- . - 'sCO

Fi»y hit . . . .['.W 5

HiffilrL lllwO

Pl-fitF" liJTH

-«^i ■ i US

i(V> M -iLSl

hjm ho-

-ai 394

-01 4J5

-03 4±?

69.31 -OJI 7.93
703 .. .7] 1.78

ilia ....J 3.53

M3aj rl2t 2.92

Income 46rwdi ja.fi 25M~o!a 7-Zl

soecusm (Si IM

E. F. Winchester Fine! MngL Ltd. .

44, Bicomstwry Snare. WC1A 2 RA 01-6238893 Extra Income !

Great Wiochewer 120.9 Z3S | - 7.40 f*o. (Aat«n.)_

GLWod«tef£rt«8S.B!.4 34S ... I 159 Ineomr

Equity (.ImUil Tr. M. Cal < b) tc)

Aoiervhan Rd , High Wrcort.be 0494 3337

UhGwth.T 5 L Act... 157 2 6151 971

UKGwttl.Ta.Inc.- 572 6L5 4.71

Higher Inc. Tst.Acc. fiOJ 64 fi ... 7*1

Hioflrr Inc. Tsl Int. . bO 1 Mb 7 bj

Glte/F*e.lw.T«_Ac^ S3 582x1 ; ... 6 H

Gitt Ftd lm.Tn.lnc. W ! 56. 9n b 3t

NlhJlmrrKa Tn^cc. 498 53L5 .. 18;

Far Eau In. Acc 4L1 «J ... 12*

General Tfl 938 IDO# .. 4 SI

Fidelity International Management Ltd:

1-7.40 Do. (Acuitn.)^. »5

... 159 iBComf -n— 102.4

Do. (Actum ) IfiS 7

/■,« r-j im. Tedmotagy 748

0494 33377 S^&eSrHan'iT Grit 45.7

IS RiSfelEi— &3-

7Al Do. (tan) 452

J bl Small Cos i ifecy .

: ... 6^i Do. (AxcwnJ h3 3

h 30 WorMwtale Gwtli R2 7

- ill Do. (Actum ) 22n

■ 01-623 T2S8
. 8 JJI -OJI 4*2
• 1322) -Q2 4i0

402rt>0 4 2*7
4* 2, + 0.4 2j>7

7211 -OI 3 37
-0.4 6.5/
llO -02 oJ7
1BO -Hf. e.77
S3 'J -.QC 054
81 ti *05 D.5J
49.2 *05 1.45

5D4 *05 1.45
' 483 ... 040

48b . (tail
M.e|-ai 29i
na.B-oi 2?i

Lloyd’s Life Unit Tst. Mngre. Ltd.

2 Si. Mar> Air. EC3A8BP 01+23 ol 14

20, Abdxnit Lane, London EC4K7AL. 283 9911 EquMy Acton. (2).. ..p 8 b 4

American U) Q7.0

Anier. Spec. Sib. U). 25.7

Gilt &F&9 Ilk. 25 J

Growth 6 Income .... 345
JapjnTna: fjl.. ._ 2D.9

llax. he Eo. fit. 31.2

Special Sits. 405

40. ll -rD J QM
2S DI -04 ff3l
25.5 . . 13 05

38 U -0.1 7 Dl

ZLU *0J -

33^-01 899

44^ _ . 061

Commodity _..
(Aecumbtion)
10% Withdrawal
■astern & fine mat
( 6 % Withdrawal)
Extra lKM"»-._

68.5 *04 221 .

109 3 +0.7 221

4p »02 221

47Ja -U . LOO
M6* -05 1.00

92.1 +0.1 10^7
121U +0J 1057

27.7 .... 4 81

-246J -17 1.00

51.7 -05 3 79

. Mb -D.< 3.79

43.9 -0J 1166
5ZS 1164

453 . 446

.1 61i .. 4.46

.9 38.7 -02 965

.8 70.1 -QJ 9AS

6 511 ... 965

b 403B -0J 1223

.2 7M« -0.1 1223

.4 37.C +03 LOO

ZL5 14.0b

• 47# .... M06

4bJ +02 301

469| +03 3.01

Archway Unit Tst. Mgs. LM.(e)ic)

317. High Hoftwra, WC1V 7NL 01-831 6233

Archway Fund J1336 127# ... 1 6.46

Prices March 25. Neu sab. 0 by April 1

Ar k wright Management •

Parsonage Gdns.. Manchester 061-8342332.

Aritwngri RL Mar. 23. 1105.0 HI# ... ..J 4 JO

Local Authorities' Mutual Invest. Tit. 1
17. London Wall. EC2N1DB. 01-5BS1B15
PrmiemKd.Feb 28. 1 159 75 I . .1 1 83

Won Fd Feb. 28 . 27bB5 I . . 521

Narrower fd Feb 2B | 7450 | . I 13 70

■UnbotMrtsrd. AKuUMe only lo Local AuM-iim

James Fftday Unit Trust MngL U<L m

10-14, West Nila Street, Glasgow. 091-204 1321 M & G Group (ylic)U)

' J. Finlay I
Acaim U

Internat'l — 134 3
In* 428

J FhS*« HMh Income . 332
FlrVay WW Energy... 128

Actum. Dims Ib.b

J. Flrfay Fd.ln.Tst 4L4

Accurn. (/nib 54 7

Pnoes on Marcs 24 Ik

1 M-1

2 41 ljS ..

2 138kU + 0 .

.b 17 M +0.

.4 44 «

Nee oeaheg t/brr

2.14 Tlwee.Ouavs. Tower Hill, EC3R6B0 01-b2b45S8

J )4 American . . IW.9 75.11 +0.'8

448 (Accwn. Un.lv) T7«» 7 HZ *1 *] ]

239 American Recovery P9 3 Mijtisl

Fremlregton Unit Mgt. Ltd. (a)

64, London Wall. EC 2 M 5 NO G

Amer.&Gen.^ _ tnst-

'A cciim . Umts)

. - i SH Ctown- Umts) - L_

44 51 — j 5/7. AuBratOSHbK. 63.9

s&S . ...] 5 71 (Actun Ume). . 676

ihng Mardi 31. ■ Comroodiry U3J

(Acc IM Umts) 1362

i [a) . Compound Growth.-.. 175.0

SV

v34 t- L2 0>37 Qi^dmud 147 n

:ti h ^^Ҥ79

Amencantt

Piefeien ce .„
(AcnutmUlton)
Smaller Conrnwdr*.
(AuuntulaUtm)

6

+ 1.0 228
+L0 ZB
451
. .. 4J1

-02 4.52

23 (Acrum. Umc.) 1537 16b

5-g FarEaaera: 104 4 111 t

’52 (tom.. Urtrti* 1207 129.

Fund of In* T as 93J 101

^ (town (Pvb) 1293 146

H? tenrral ... 2364 2S4.

L (Acaim. Units)..

01-493321! f«9*»ln»5w

Barclays Unicnm Ud.(a)icHg) . .

Unicom Ho. 252, Romford Rd., £7. 01-5345544

Unicom America 136.7. 39 41+0.41 155

Do. Aral. Acc.

Do. Aust. Inc.

Do. Capital.-.

Do. Exempt Tsl
D o. Extra I ikv *

Do. Financial

Do. 500

Do. General
Do. GiftS Fid. lit
Do. Gir. Pacific Acc.

Do. Gir. Pacific Inc.

Do. Growth Acc..

Do. Income Trust
Do. Prf. A'ns.Tst
Do. Recovei
Do. Tnstee
Do.Wkhride Tst.

BtsLln.Fd.Acc.

Da. iBcomr—

Baring Brothers & Co. Ltd.

6 , Bttopsgate, EC2N4AE. 01-283 8833

Stratton Trust.— [26 i2 27421 _....! 4J2

Do. Acrum BbS-fi - 36Lffl _...i 432

' Mrat sob. day_ April 6 (hr 12J0 noon).

Bbhopsgadle Progressive Mgnrb Ca-

Stock Exchange, London, EC2N H13. 01-5886280

B'gan —Man* 23 .-BBM 309£| L 3.40

to: Drots— Uartli 23,13676 399S r!T 3.40
B'gate Int. Maree lb. Bp . 6 342H ..J li.

Iffl.T’aroand .

(Acrum. Urtts)

capual Tst

(Acaim. Units).

Convert ibfe &GUt
(Acaan Units),..

Extra Income Trust
Income 1 sl_,.
ltd. Growth Fd

(Acaan. Units>._._P28 nBl*Ob| Ll7 ffirarIlaB ::":.!'.® 6

IfltWHf C8 8

Robert Fraser Trust Mgt- Ltd. tAccum. Units)” .' ” 542

28b Albemarle Si, W.l. 01-493321! ftojolntoji* . . 1210

ftett. Fraser Ut.Tw [70.4 75<| b.00 <>*^1 ^

Friends Prov. Trust Managers *a)(bMc) UniSt-. ^.3

Ptwum End. OoriutB. Tel 885055 (Ac cum Unit!.’)!”]".." M3 2

Fnemfe Pro* Units - . .172 0 7S,g -IS 40b MldUnd . 184.9

Do Acaan.- |lD7J U4 7| -04] 4.0b R eturn Unltt). 3M6

Funds in Court* ISiSi "- ffil

PoMc Truriee, Katgswjy, WC2 01^054300 rSSS. ^ «£3

Capiia* MarchW ,-0438 1« 71 ... J 5L5 &iXr ^Spaain' ^ 7678

rthua± Rmtrictfd n inofliH under Camt CommL TtusIm- U 88 7'

254.) -2J(
460 7 -4 3
512C -03

m

27b i -l.fi
190.9 +03]
20L5 +iffl
?29i -4.lt

Royal Tst. Can. Fd. Kbsn. Ltd.

. 48-50. Camun Si, Ucuou EC4M : LD:i-2;t
Capua* Fund .. . t:K0 Jll/fq |
Incene-fund .!<.■.'( ‘ *-

■ Pnre< on LOr;b 15. Hew mabn; I—

Save & Prosper Group

4. Grrot SL Helen; Locoun EC? 3£ a

63-73 Green 5l Ed nt«_-9h EP2 ■*’«- .

Dealings id 01-i'H jr ..tl

lotn-paUaaal Fends . .

W’“ ill tfii.'i'j 4*9

Sriocf [nlfnw!«val 2 3V-P Jj

Unn. Grodklu^ "7h £)!.' -V.!

Inerras'ini Income Fnii
HiaH-iiei3 leh^

S-iecl Inc^-nr . |t>9 -04i- !>

HPtb Incwce Fnnh .

GihJiFia int. Int. jC ! ri! ■ c* ..

High Krlmn . . K-g -J ■,

U2;. Fundi. , . , .

G* i Fid Ini G>th |5'. 2 !*»■!--’. ■; 'n

Uh Euuitv ,*i4 efi'-vtl +-a

Oimce Fumlj

Eurupi' ..... t;7 7 ,,’r +: ._■ - '• .

■krk v ., llri'r Sifr-’i-a

u.s.. . ii ud :*i.tic. -i* t;i

Sector Funds ... ..

tom.mJiti , . ;.h-r ’.Is;*. .1.’ i .

Enertir ... i;ri«! J'.riir;.;

EhWdij'i.'JI tun I L. •' •*.: +t,| i-»

FlfUKvl Sect. . . I'JflJ *C-.S' ■ !•-

Now lithiKJi.jy let “.Ji--.il <•-:•

Tixetf-btlrreif Fond t' ,

. Inil.ftopa id ... &•>? K ■ 'J! - . 1
ZitatJ rmh . .

Ecroipt Intamr* .. 1 . 4-1 --in’; , • - ■

Eiompl Inti ■ !?21 I 3?9*-' Z-"

Pncrt ji Marji 24 S|?»t ct> CJ-
ScoCbt* Seecntiei Ltd. . . .

:>uKWt 51 -1

5uxwd |F?.l

Sconturn-. ,. 1 >»M -«■ 11 *-:3

Schroder Unit Trost Mcsiwn Ltd
W. St . Ulrl JH Line WC2 Der"- 1 '. fW 27

CaoiUI- [165 ’ >:

(Accun U-nt,!. , 2M .... -P

incomr Fad ... _pj) “V--- - ;

taccum. Umts) pa'tl f■u2!•-i•; , ;■

Gen. i:-Ofl -,| ~i j-..i

(toufi ||l"h) ... . |W: l 2.- o- -ti • .!■»!

i 5 m

Funds in Conrt*

PoMc TrustN, Kingsway, WC2 01

Cap<ul March IB ,,.0438 146 71 ,

Gross Inc. March 18- 178 8 8L5] .

High Yield March 18 ]945 95 Ja .

'Uiasth. Restricted to monies under Caa

G.T. Unit Managers Ltd.

16. Finsbury Circta, EC2M 7DJ. 01

G.T. Cap. I name 147.4 158.41

Do. AkT. 195.7 210.4 -L9

G.T. Inc. W. tin.. 1952 209Jd -1.7

G.T. U J. & Gen ajaZ && +f

G.T. WW. Bd. Fd. W3J 1071 „

G.T. Japan A Gen 1105 IMS +:

GLPms.Ex.Fd. 330 .?, 347.?

G.T. Iidl. Fund 2219 2»5a ♦>

G.T. Far East £ Gen. 88.7 gJ*
GXTech.AGih.Fd.E5j 89 7 -1

G.T. European Fund, (93.6 IDOij +/

(Acaan. Units)....

Ctenbond March 23..
01-6288131 ChariFtmd Match 23.
-L4I 3.90 Pension Ex. Ibrdi 22.

Manulife Maiagenent Ltd.

jl _80 SL Georye-S Way, suvenaqe. 0438561DI

0.90 GHt&Fxd tnt 160.7 6L9I . , J 4 51

ZflO Growth units HD.7 Bill]...] 4 .50

fi. A A. Trust (a) ig)
5 Rayleigh Road, Brentwood
G.AA. |47.0

t\ -04 (L80 Mayflower Management Co. Lid.

4+0.4 400 14-18, Gresham St, EC2V 7 AU.'- . 01-6068099

[0277)227300 Inti. March ^2_X—p4^ ; ' 571^ 477

502| -=0.21 5J6

Next st day March 30. . n AprH 13. *W

Bridge Fond Managers f>Kc)

Begs Hse., King William Sl, EC4.

Amer.Gen.t 133.7 36 Jd

Income* jp.O 64.5

Capital Inc^ E|S . 560

Do. Aout fell 67.1

Bart nM re Fund Managers <a)(g>

2St. MaiyAw, EC3A 8BP . 01-6236114
Dealing only. 01-623 5766/5806 .

American Trace...— .BB.r 4L6j +0^” 0.92

Australian Troa v 20.0] ...J J.%

McAraliy Fund Mananemfetit lid.

Rrgk me,, King WiUlam St, EC4. 01-6234951

6U4 HteWE-

0.92 G*en Fund Acc,™ ...
196 6 te«i Ftmd ii* — Z~..

01-6234951
_...) L56
.1 7.85

130

_._J 3.05

Inti. Recovery Int4._|23.2 2S.W — J 3.05

Do.AccJ — b?.l 3U|...J.Mt

DlaiuigMues, fWed, rFrirs. fffrfces March 23(24/25.

Britannia Gp. of Unit Trusts Ltd. (aj(c)tg)
Salisbtiry Home, 31, Finsbury Cir cus, L omten EC 2
01-638 0478rift79 or 01-588 Zltl
UK Speciafist Fundi

Assets I 11 Z 2 1 ZLO -OJJ 461

7i42 Inti. Disl

no j

te=».

Spec. MW. Sits. 512 5i3 .. .J 4J4

UK Mr* CMp (408 4F55| -CLlJ 459

HJuf» FW|

Na. High Inc. ,177.* 8354 -OJI 8.10

Extra Inc. [34.6 1064

loc&Growifi *_H3J 8941.—

Gilt : £p 24jf 1Z1B

Pref. Shares — L....D67 18.IM -(01:1451

Sector SpecUht Funds
Commodity Shares
Financial Sen,

Gold & General
Inv. Trust Sham-

Minnafe

Prop. Shares
Unhr. Energy.

World Tech..

American Growth
Am. Smaller Cot
Am. Spec. Sib

Far East

Hum Kg. Perfmoce
I n(L Growth —

Japan Peri. TsL.

Ciiu>^ Andi

Carnal Acc [768 823-03 453

Comm. * Ind. 586 633.-03 4jSb

Domestic™ W2 53L£« -53 4.K

Growth — — 945 1001-53 43

Prtriessiona) — KB O » 36) -3a| 4M

Shield [5S 59-M riU[ CIS

The British Life Office .Ltd (a)
ReiianceHse, Tunbridge WeHs,KL 089222271
B L British Life .... — [703 7461 -0J| 551

EL Balanced* feOJJ 65.3 —J 622

BL DMdrnd* W3 43.U . *74

“Prices March 24 Nexb dralbg March 31.

Brown Shipley A Ce. lid. (a)(g) -
Harlan* Hse, -Haywards Hitt S*. 0444-58144
. B5. UnHs March SS-(28M 3M6I 480

Kahwk March SlMBi 4433..-. -

Financial B3.4 57.43 -02 L89

Growth Acaan. ._._ffl3.8 9Ll| -01 —

Growth Income 64ti -0.1 ..3J1

High income 04.7 Zbbid 1DJS6

tg===ffi

North American — 28 .g +0 4 L8b

Orient P39 2s3 -QJ . 100

Recovery -Sb.0 17S -55 b44

Technology 7L3 156

Exempt ]w5 935-0J 5J3

— D-7[ 332
- 0 J .451
-L 6 10^12
-03 320

—0.4 243

263

+05 231

f +B 8
+0.9
♦ 0.7
-02
-02
+0.4
-02

British T5 L(Ac<J™ 106.9 215. C -06 .3J1

Mwcury Ftmd Manager* LtiL .

ShSn?T?;™ ii If 30. Grew™ SL, EC2P2EB. ^«W0«SS

Far East Trod M.7 Mid -06 lH <*en-g« 865 B M -«3 116

Gilt Trust 22.9 239 b -0.1 1230 **«-**. 1285 . . 138.1 +0d 316

High Income Tsl 5»-2 617-03,9.42 nc- Nec. 573 1 ft?* -SJl l?*

Income Fund. — 59.7 965 -0J 7i42 JmJ.DM. 3J0 -935 +

Ire. Agencies,. U7 46 1877-4107 5J4 lnU. 1018 1095 +

Inc. & Grth. Exempt- 12L3 1321-0.1 bis Extiaut. March24.- 877, . JOS ...

(ntf. Tsl (Aec.fi. — 487 5H . 1.93 Maroft 24... 12 C 7

lntl.T«.(DtsL)_ — 47.7 513 L93 Gilt Fund l...,|6L2 614.-1

Japan Trust 29.7 32.1 -03 a76 - .

WkW&si-m *030 IS

Gevett (John) Coonwppd Howe: SHver Street, Head.

77 London Wall, EC2 01-5885620 p™* i -™ -0

StodtoWenMar. 19059.6 «•*.] 2.fi 3391 -1

Do. Actum. Ural J26i0 2195] 2 91 SJ’K: — 1 — si . £, 3

SL European Mar.l 9 |cT 62% 1(14 gfeysen 0.1- . 895^ J

NCH deiMV April 2 Do. Acc.,, UW .9 U43 +1

Brieveson Management Co. Ltd. Do?Aa._^.IH!'“""” 522 54 J “

59 Gresham Sirret. EC2P 2DS 01-6064433 HW Yield SjO pj T l

**~»**-*-VBl r„-55 al l 1

-Kja :::: : 3:S v°.*x. sa.7 «s f[

£9 • •‘fi 1

lEs Em NoidlAmerlean *52 - 417 -H

142M+L3 423 gn-Act._ , 512 55J H

1533+1.4 423 Overseas &rowUi,.,_ . 449.,.

n 04 Do. ACC. ......l,™ ff.l » 53.7 ..

432.1:::::: L94 m 3 m2?« ..

124.71 *5J 306 Dlte. - , ,.,.Jp3.4 16 j.^''

1313 *65 3.06 • 'FnoK * MWth 2b. -Nem dealing A)

4021 8.81

27U ■ B81

2 -133 9 440

78.3 ..— ..440

17QJJ i 201

Hita

Barrington Mar. 24
(Actum. Units).

gn. H.Y. Match 25
Accwn. Umts)
lairgtn. 68 t Itocb
(Acaan. Units)
Barrgm. S. Mar. 26
(Accun. Units)
'Endeav. Maiflf23
(Accom. Units).

. GrantCStr. Mar. 26
Actum. Ontts)_
UL&Bnra. March 24
(Acorn. Umes)

93M-0J il 6
138.1 +0 4 316
■^aS -01 7-29

■as +05

1095 +05 258
903 ... . 403

125.7 4.03

. Smaller. La-s . . ilei»2 L'.

•lAcuffi Veils) . -W2 • ; ; • •

Anwrican pi. 1 s-sj .i 1 *-, :!.■

(Accun. unm) iO'i •"•v

TcLyo‘ ” . j-O.A ■ 1* le 1 ; *0 -i .

(Aram. L'n.r) - . * !••'.[ ..•.;!«

iiiu A, Fit.vl, . . • 51:* -i .

(Actum L'ciL' I.. . '■’<? I .i;~

Areir J'un. .. . i* vl j- -0 1:

(Accun. UriL.) S -ib r. :*

Simaoore i *•» ! ■ •• ]< 2

lActim Vbhl .. . . 45 . *.-[ *o.l! . '

■ P ire 7* Urcli 23, :n 7-1 . ! is-

.■RKCwervMar lo - .*?' , “ .*•

-Epee Er March 23. 5n^»a| . . i !7

■Euio Ex. M/rch 11, 114.1 12. ci ..1 3hv

■Ftr M* e^-rrrpt IjxI, onli.

Scottish Amicable Inv. f'Jigrs. Z.!i.

150 Sl Vincent S(. GListw '.*41-2 JS 2323

Equity Trust Aecum...|lll 9 1206J-0.S 521

Scottish Eqeita!^c Fund Mgrs. Ltd.

28Si. AndrewsSq. EdiiCxirgh 03^-55= 91?!

Incume Urals [b5 5 gSIi'- 5-i<

Actum. Umts.- ...... IEp-o c ’,j 5 a.

Deakog uy Wedrmii.

Scottish Widows' Fund Management
P.0. Bo* 902. Ejsrtjuroh EH 16 580 031-6556000
Ptg 2 sreTst. Much 25.153.5 105.9| +35[ —

SIMCD Money Funds

66, Dmtofl Street. EC4N6AE 01-2?M«S
SlMCDCall Fundt . _|!'.’00 - | .. . I 1352

SIMCD7-Dar ftmOT.|Z£)30 — ,..|13b3

SlMCOSFd. 1 1 -1 , I 15J51

Itiiacitrensed— Cash Depsur foei

Stewart Unit Tst. Led.' a)

45, Chartotte 5a . Efenhunh. C51-226 S?71

t American Fnmt_ .P2/S .9f,3 2.95

Acqsn. Unto _S98 ■ +GgJ| , . —

V/iOdraital Units ... . 7s? FL' 1 . —

‘British Capl (at 2030 30.4J . .

Acorn Units ,. ... 2429 . -ro.'.J . J j.9g
■^European FureJ. ,„]S2 4 . -SJiJ +u<j * a?
Deal, flies. & rn. *ft«L *‘Afoi o. mar.

San Alliance Fund Management Lid.,

Sun Alliance rise . HorJum. C4U3LC14;

E* Eq. Marti! ID [£34B1D 35630J . . ,J 4 :i

The Family Fund-. -,,11332 . 147 O’ .... ! 5 M

,.Tri. 074279842
' gfl-M 4J1
B95| ^0 M 333

- wmw

68‘ r,.V -6.39
95^ r 0J BJ9
6yx -S5 -.5.47
• a.i -0.4 ; 147
4&7 +0.4 239
553 t<14 ■ 239

Ex Ed. March ID. — |p40lD 35630 . . ..[ 4 :■!
The Family Fun(l,-..lEB2 . 147 O’ .... ! 4 M

Swiss Life Pen. TsL Man. Co. Ltd.fa’.c)

9-12 Clwapode. London. EC2V 6 A(_ 01-256 334!

Flxetflm-DislT K99 46 103 Oe. 1335

Fixed InLAcc.T 1007 95 lliSol . ,| B33

"Puces on March 10 N«t deahng April 34.

- - 'Prices at. March 12. Men dealing ton! 7.

Target Tst. Mngrs. Ltd- (a) (g)

32. Gresham Sl. E.C 2 Drairoor' 0296 5941.

CSmrnodnj 652 -9 2 | 239

Energy. — 348 ."3 +0? 125

Financiai J00 7 .lOEjl+O.^ 4.U

Sill Capiui -a— 1M3

Cdt.lnfomr . .j., . 90b
Invetmenf Trrei ...„ 523
Special S/Uunonv. .76 7

Araericvi Eagle 37.3

U3 Spd 6ond Fd , 223
Malayvj & Siigdre . 19 7
PadficlPBUiH! A 5

U3.JI . „4 351 Mhister Fund. Managers ltd.
p_ 1W MH5«r Hie, Arthur St, EC4R 96 H 01-623 1050

“""iiSum esm&-.B6 iaa -i

(ag) Gnanthll Tst 0352 1401M) *0A| 432

.. . . ... . , MLA Unit Trust MngreuL Ltd.

Henderem Adwlwrtratipn a) (hi (c) OM Queen Slrra, SW1A 9JG. 01-222-0177

b£!*£o 4 tfiff 1 "’ 4 AM ULA Unttv 11021 i 153

SoMlf'Se inn *6 M 3 40 • fc ” ra 7 Johnstone U.T. MgnL (l)

Scan. Un«S_.-_. 562 603 11'.: 3 « Ih3. hope Stmt, Glasgow, G22UH. 041-221 5521

Recovery 46.4 ,49S3 423 Murray Europead ,_.p2 ■ : 64.fi .'.j.J 2.96

Cap, Growth. 94.1 10123 -03 1.90 Mmray SaerTore. FC.J71.7 77 jj J, 278

A^UnttS., 1026 UO^-gj .3 90 Dealing Dij Friday. ^

Inc. & Assets ]39.7 42.73-1X3 7-00- . . "

WBh Igrae Ftod* ■ • ■ Muhsd tlntt Tnrit Managers (a Hg> •.

115 Broad Sl. Aw., Womneld Si, ECZ 01-638 3911-2.
'• Bni Tfcfilnfl.ni? Mutual Sec. Phn . 150.6 546[ -0^ 72i5

Smaller Cos. Dhr. ._|W8 j|3 -oiS .BJo SK S6f— H S

652 -9 2 239

.■:3+o? 125

. lOEjl +0.4 4.12
iSiS-Pd "3
■ sj. 92 -oi ^.:o
5e£[ -a ! »5

39.5 -u: 73!

34.01] -Oi Li7

S2c1 *01. ’36

212! -n.r^

. : 4iJ-E: i>.

ieu-kl 2.14

12H .. . 1521

54 oi t_2

59’j+fli 3 55

4S.4 ... 7 00

24T.S .... 5 ib

3 *n Murray Johnstone U.T. MgnL fa)

im lb3. Hope Street, Glasgow, G22UH. 041-271 5521

if "Miia

■ ^90 Dealing Day Friday.

• • Muihtid Unit Trust Managers (a Kg)

BroadS(.Ave. 1 BiomneldSi, ECZ 01-6383911-7.

?■?? filirtorel Dt.. ICfl C • Mif IbC

telSfefclg IS

National Provident tnv. Mngre. Ltd.

caa on 5 IT» 48, Gracectand^., EC3P3HH. 01-6234200

5^0 NPI GUi. Un.Tst._^..(M2 74ja'*0JJ 540

Z *2 is

RU'S-S (Acoup. Unto)“ ]2073 2199] _. 2J0

533] - 03 ) 5-W ** Prices n March 25. Mw deaimg A *ml 28.

g! 5 Trust — a-

Fixed I merest —

Sector Fwrts

Financial K

Oil trim. Res f

Int e ratlo w il

Global Tech.

International—-,.— P
WorldWHc Mar. Z6.K

Orman Fundi '

Australian——.

European— —

Jaooa Trust — .—

Pacific sm. Cos

WortfrAiner. —
Ameriran Smaller—

Pacific Ipco me lib 5 343) -B 1] *.>.

Pacific He Inv - M2S -Jr ft -6.: 1.14

Income . 13P.7 3?itoi . -. . r

Extra lircome _.]529 ■ 5p.‘iu! . .. 1! 4,

Preterence Share .. ..JU.F! .. . 1521

Equi:v -...5il» 54 o . 1 22

Income and Grow‘Ji_p5u 59 !i ri)I 3*ib

Growth ,K2 4S.g — 3®

Profeuiml March74.]229 9 24T.J. ., . 5 3b

EmntyEy.Marcn74 .Uaa9 Jl'.o* 615

Eood) E» Acc Mar 74 .6023 5J33 .... f .!5

Carilol HY M.VU1 24.li*i.7 4121 . 7 14

CariHdAcc HarchT-*. Ib3 4 6S5) . . 1 7. 1C

For Tower Umt Trrra pkree if?

Dunbar Umt Triat

Trades Union Unit Trust Managers

100, Wood Street. E.C £. 01<Co 6011

TUtiT March 1 k 22 bbirj . . J 5.09

Transattantlc and Gen. Secs. <e) (yl
41-A9. New London Rd . Cltelm: lord. 0245-5165!

BartHcan March IB,. 1300 13b ![ J IU

Mceom.Dr*) ISO ?. l9Ui , J bW

Cnlwito Mar 2b IMG 1« b.lc

[Acobi Units) Zo5 3 illi;+4 0| bib

F«i0iBim ItrcbS. 1U3 2 IDbjJ +1H n W

a -0

- 0 .

NPI 0’seas Tite 1-_(1793 MpclJ

(Acoup. umts)-* 1 2072 a99|

"Prices m March 25. Next dealing

Exempt MS 93 « - 0 J| 523

Boekataoter Management Co. Ltd.

The Stock Exdwoge, EC2P 2JT. 01-58B2BM

Badilyn. Fd Mar. 25 .BEO WH 3.71

H:;r »

(Acc. Urns) Mar 24 .- 71.7 . TiM ..._ 467

UarftMrO Fd. Mar 23 59.4 . 62 j2] 237

•{A<xum.Ufe.Mar23.. 742. 783 237

W. Co 1 ^ Fd. Bar 2b, 490 Hb3+1A3 236

Acoxu.Uts^Marl9.|49U kM+KH -256

Canada Life Unit Trust Mngrs. Ltd.

2-b High SL, Potlen Bar, Herts. P. Bar 51122

Can. GenDfu J49.1 52S . 489

□o.Gcn.Jtixum Iw.B 733-03 4 R9

Do. Income DtsL [373 393-03 B.52

Do. Inc. Accun. fea.fa 63. B? -03 85?-

GHl&Fxd.lM. Trust. |2S3 27*3 ... J 12S

CajMl (James) Mngt Ltd.

ltKl DU Broad SL.EC2N1BQ. 01-588 6010

Capital [Uaa 126 JU _...! 287

riMhAni^ian.IZ flU3.2 109^ .1”| 2M
Prices on Mmdi 17. Next dtahne Aprd 4.

Carr, Sebag Unit Trust Managerial.

57/63. Frinceis SL, Manchester 061-2365685

If

Carrsm^rerErel'iL.^S ' 233] -CO] l.?l

Charinco Charities N/R F umifct

15. Homuate, London, EC2. (H -638 4121

KKSfecd SH \=iU

Charities Official Invest. Fund#

77 London Walt EC 2 N 1 DB. 01-588 1815

Income Fen.ffi |- 16434 1 1 7 36

Amen. Feo. 407.22 | .... J _

Chieftain Trust Managers Ltd (a) (a)

11, New SL. EC 2 M 4TP. 01-2832632

Sags IS

gw*

Japan March 19 —
NorthAner Kanhl2

Pacific Exempt

National We s t m i nste r (a)
161. CheapsMe.ECZV6Ell.
Caiital (Atom. 1111-7 J

energy is
Extra Inc.
Financial.
Growth Inv.
Income

01-6066060

a -0.21 334

(Assure Units) . . naOj H13 *4.1

Vang GwtfL L'jrcftls. jnsa ..

(Acorn. Umts.),, _ 36.6 **23 «...

Vann H.Y. Marcu27|7i.^ 7b 4 , ,
Vangd Tst Varch24f54u 53 -le ....

(Accun. u.nrts) — lc£.7 723

Wictmoor Mjrcn 25.6/2 °23 . , .

(Accuottiniti), ills 6 ITiS

wkrnitMKK Dm. Mar 26 ]Jb 4 il’ -07
(Accum. Units) |]D9.S 116 4j +1 j]

Tyndall Managers Ud.<a)(b)(c*

18, Canynge Rant Bristol. 0272 732241
24,.Ca*Ut.SL, Eoriihurch. 031 225 1168

Capital ...[170.2 1BRH '-0.3

( Accwn. llnic.1 . _ ..-.. 267 8 234 c! -0 3

rsa | 5il
aiij-aT ss4
lib 4[ +lj^ S.S4

IS

Sin Portfolio Irnr.Fd, 77.3

j| SKiSsi-JJ

•MS

5L7n ....

nts +oi

• 817 -0.<

Hex an on Services Ltd.

4GlSl Belem, London EC3P3EP 01-5510094
Brewtai Inti. Gr. Inc. _|496 523) \ 426

Hil Samuel Uqrt Tst. Mgrs.t <al

45 Beech SL, EC2P2LX 01-638 8011

lb) British Trust

- 1 , HEL Trust Managers Ltd. (a) (gi

Milton Court, Dorking. Sorrey. ’0306 887766

510094 X*! aa, wv I 75 - 8 ” Z»-fi 485

1 TV NebtarOlh&F.I bi3 54.H -0a..9.30

i Ne star High Inc DR8 40id -h3 "EEC,'

Hehtarlntemaiio(ia|.p&3 • 5&4 *0 3( 1 4,7T,

ISil.lt

Capital Trust

Dollar Tray

Trust

Far

Fmanoal Tran
0 FwL luL Tst
ihF. ' ,

High Yield Ta

Income Trust

ua'I Trust — . ...
Nat FteomtesTa
Trust-
Spec. Sics. Ta
Lbxempl Mar. 15

.yTe, 01 ^ 8 ?™ Northgate Unit Trust Nbnagers Ltd. fcHjri'

*51 20. Mooraate, EC2R6AD 01*44477.

Sjg i assMK±B»j- ffli-j is

WO 1W.M -OA 3.79 Norwich Unida insurance Granp <b)

2 \oSi 1 ^ P -°- 80*4. Norwud), wn 3»G. 060322200

mS” 0 " 1 934 Groop Tsl Fund [5118 538.7MI | 5.50

SlI +03 8.14

teS.+OA 228 Peart Trust Managers Ltd. (a)(g)( 2 >

, 2Sfl . . .. 230 252. Kign (Whom, WCIV7E8. 01-4058441

6T.M-0.1 |31 Pyari Growth Fd 04.1 36 71 ,. 1. 4 62

■ StS t-Z* Accun Ultds. — 45.5 49.oj .. . J 4ii2

HUJPM 4.76 Prarflnc..- 40.4- 43JJ -0J| bJbB

. , , Pearl Unit Tst. 47 3 5ag -03 5.72

Imagers Ltd. tal (Accum. l/iuo) 71.3 76.7t -OjJ 5.72

HK Unit Trust. Managers Ltd. fal (Accum. Unas)- 1 71.3 76.fi -0

3Fredn-idi's PL. Old Jewry, EC2 01-SM41U

HK American Tsl..-|M. 4 3L« +081 210 Pelican UnHs Admin. -Ltd. <n)(x>

HK Growth TH.._-_J43J* 46.71 ..™J Pe/iom Urets (135.7 146.(4.-0-51 4.76

HK Intone Tsl

Hk Market Leaders

H K Smaller CiFi Ta-
nk Technology Tst —

Si :« m wsstu^ir:.^:? uls^st

Sf Perpetuar (Jolt Trust Mtuput. (a)

H ' IS 48. Hart Sl, Henley on Than* 04912686B

7U “ al Growth [79.8- 860} +2.11 408

7SJ4 — nou lne8W toe, 3 7151 . . 7.14

. , - Worldwide RtcoHtry.-[<7> 50 if . . I 3iB0

11, New SL. EC2M 4TP. 01-283 2632.

American (el— ..|2S 9 28,11 +04] L61

Atwralian D 4 lfg +0J 138

Far Eastern fit- (c)^. JJ I 37 J ...... 07

High limme 40S 10.76

IndTraab) — »£ 43 3 +03 ]Jfl

Basic Resource Til. 35.9 3903 -02 2i6
Incm. Growth Tsl— 7SJ 27.* -03 BOB

Pre«. a Gill Tsl 20a .... 15J7

Smaller Co'i Trust ._.(29J SC0 -GjJ 135

Cbntdarton Fund ManagereCgi
57.-43. Princess SL Mamhester. 061-236 5fc8S

&&a=£f. sgamis

High Income — »94 ^Ifi .77j Ujjg

Confaderetion Funds Mgt Ltd. (a)'

50, Chancery Lane, WC2A1 HE. 01*2420282

Growth Fund PB.9 -83.0) ^_J 4A7

Imrestment Bank Of Irolaiwf (a) . , r • -

r wwww ytej.ua i,»ci

" WBX»« . «a'k« SSS55L« Ml ~

Capital- - I170J1 180.61 -0.3 3.76

(Accun. Units I ..-..]26T 8 I34C!-0 3 j.’6

Income -|lPL2 107 4=1-0.3 7 41

(Acaim. Units).. , . .U-i26 ^7.3 -1 S 7 ■»!

Prof. .-. .B62 • 92.2} +0 3 !C22

(Accum Units) [14J4 159 S .... 2J.S2

uempt ll3a.Q 245 fist , ! 9|K

(AccUKlimts),.- p3 2 .. :. | 404

Irx. Erm. ; l?4J> S1.2J -0 ji 4 PV

I Accora..UplUj P *0 2ai» - 0 .fl 4 ?o

forth Amer. firm, . fc£ S ML 51 +05: 4 53

(Accuu. Umts)— 170.8 740] tOd 4.43

Far Eastern 65 4a] -Oil 2b4

tAcam Units).- , >3 9 67 ^ -Oil Zjb*

Gift Income W5 6 98 -(*.![ 22.97

(Accum. Umts). _ ... [UOZ 172 jl -0.1 12 4“
Natural Resources- _|229 6 157 •*( -0.4 373

Acaan Units 1740 ^4U+0.M 37*’

Sait. Int- jin? 0 15:8 } 4 37

Ldn Wall Can. Cwth [25 J 913Kf +0 ij S 70

Accum Umts).. , -I1P33 Ufld *04 • 70

Ldo.WaH E+Inc-Gvcn C4S TB- 5 } ..I 1021

Accu-n Umts) taOJ 43: ,0-3 loll

Lon. Wall Fin Pnly (233 2Sffl-0.fi 4 4;

Acoon Umu) 373 54« -01 4 41

Idn Wall Hi Inc Pn"ty. [503 SJfi-DI 597

Lon. Wall Inti . p24 34 7a . 4.25

Ldn. Wall Spec. Sits .|3c 3 3E^ +D.I[ 2.32

TyndaD A Co.— Bopoiit Funds

Demand Fins* I — — j, .12334

Money Fund- { — — I . - I Ji 50

■UnaaHxvHeu-Cish Owen Funds

TSB Unit Trusts W (C) iy)

PD Box 3. Keen? Hse. Andover, Ham-.. SP10 IPG.
0264 621BS. Dealings ta 02 b-* rii-432-?

TSB American- IA 3.6 4".: + 0.51 2J9

Da Accum ,, 1456 0^3 vQ5 ?jg

TSB General — .. — !oZ2 7it2 ._. j Of*

Da town.. — W4 9 lO \1 ,.. . 45.1

TS8 Income -,..[82.6 .SRM +Q.) 7 LI

Do. Anna . ItoO IKDi vD'i 7)1

TSG Pacific . — [42.5 4; ? -0 IM

Do Acaan...'...- . |0C 5 45 & -0 21 2.^5

TSB Scotteh. IllfiJ 124.4 +041 % '»

Do Acaan.... ma.4 . 14a9 J32 ■

Ulster Bank (a*

Wanng Street, Bellas' ■ 023’ 35331

(b)Uister Growth — U33 4701-03 5.14

43 41 ,0J3 10”
H5ffl -031 ACT,
54 « -Gi 4 41

,5441-01 597

023? 35331
■*.70| -P3I 5.14

D 1-033 EOT 3
—,l 5-30
. i 5-30

Investment intelligence Ltd. (a)

1/3 Worship SL, EC2A 2AB. 0»

Intel. Awer. Tech. Fd^MJ 1 726J *lJ
Intel. Inc. & Growth, M-6 30^-0-

inal Pacific Fimd 187 9 ,95.y -O,;

Intel Small CoS F0 -,|Um 124.7| — 0.

rr.

iSLq-a

3r?| Z1 1LW

Key Fimd Managers Ltd. Ca)(g!

1, Paternoster Rom, EC4 7DH 01-1

-icey Exempt FtL, — alD 2#13 .,
Key Income Fund ._. 7/ 6 825j +0,

SteySmACeV^i^lSu WTfl-0,

01-6286626 pr0V ' n “I Life Inv. Cd. Ud-

1+lSl OM 22?. Blumpsgate, EC? 01-2476533

-0 3 680 ProTifje Far East .,'-M50 483-0.3 L61

-Offl a® Prolific Gill Cap.- .1. 54 8 5681 -0.1 3.52

'33 3M) FrcJjDc Htoh IrS; .. J 59 J S.ffl +0.1 ?37

Prolific IntL. 39.7 42!sl +0.4 30S

Prollfjc Nth. Araer _.. JT.7 50 +<U 3i|

m mrxom ProWeSpec. Sits 508 Ml *03 J91

Prolific Teanotogy.-fSEA 09 fi +53 lS6

Hi.n

•— 5 J 7 Pradi. PortfoBu Mngre. Ltd. (a) (h) fci
J 5a Holborn Bare, EC1N2NH 01-4059222

Umt Trust Account fi Komi. Ltd. -

Begk H-e. King William St, EC<P 01-622

Friars Hse Fimo 157 0 bOfi J Aha

n MOTES

ln wncf tairv ' Kherwiv? onhemc-!.

VieMv 4* (shown tn Ian co/ornn) allcw lor all huvtm

eypetBK a Offered nnces mdude all expenst,.
b Todav's prices, e Vi«J (used on bher pr,cr.
d Eu mated g Toait's opi-nino ante
h DfitnlMtion free of UK lues, p Pi-rtodic
premium insyanur plans. s.Smgte rifmimn
ireorancp. r Offered rnce inau±s an e«ecmcs
ercept cgemX cwnmii-.ion. y OHf+ed pits? mends,
all expenses If tarata ihrooqn managen 2 Pre+imr
. - Guernsey yess 9 SigprinrS*
* Yield Ware Jertey ta*. + Es-4uLdiwii+.
it Only araiiahle to ciur.uhic bodies.

i

d

: » • *»• -4»-sr

■ t -i. s';.-'-’

24

'v

s

si

o.

ft

Cl

cc

01

be

V.

he

22

Financial Times Saturday March 27. 1982

Companies and Markets

LONDON STOCK EXCHANGE

Markets drift lower on continued lack of interest
Uncertainty about U.S. influences undermines Gilts

Account Dealing Dates
Option

Declara- Last Account
Dealings tions Dealings Day
MarlS Mar 25 Mar26 Apr 5
Mar 29 Apr 15 Apr IB Apr 26
Apr 19 Apr 28 Apr 29 May 10

New Time" dealings may take
wont &30 am two business days
earlier.

Products a couple of pence to
Sip.

Leading Buildings ended the
Account on a dull note. Falr-
clongh, a good market recently
on the preliminary results,
relinquished 6 to 15Sp but
retained a gain on the week of

ID. Adverse Press comment

Tti« . clipped a penny from Brown and

markets was* MteiuT? 1 ln . st 5 C ^ Jackson. 17p. but demand ahead

o£ **« Thursday's preliminary

Mdbacf m {=“■ JOh " Finl “ 6 “

gilt-edged was resumed following oup ‘
the Bank of England's warning
about the dangers for the
economic recovery if interest
rates were forced higher by U.S.
policies.

Gilts had opened a shade above
Thursday’s list prices, but the
Bank's pessimism and yester-
day's turn for the worse in
sterling undermined sentiment ■ ,, , 1T

and quotations were soon on the otOFCS qillGtly flllli -
down tack. , „ „ . , .

. ... _ . Leading Stores finished a dis-

Actnal nlling was light, how- appointing trading Aceonnt on
aw and ww. he<d relatively ^ exceptionally quiet note and

^i«f? r r«ii the ower most were content to drift a

close, falls were usually limited co U pi e of pence easier. Against

Down 4 on Thursday following
gloomy industry projections and
an analysts' meeting, ICI
remained friendless and shed
another S to 312p. Among other

Chemicals, Xoro Industries B
were briskly traded in the wake
of sterling's weakness and closed
31 points up at £107.

. ■ „ - ^ „ 4 at 56p despite the poor interim

toj and occasionally more. The u, e lrend . Blirl0Q added a £ enoy figures.

Government Securities index, at - - — *

68.91. came back 0.22 for a three-
day fall of 0.86 from last Tues-
day's 11-month high.

Low-coupon stocks were

generally harder and index- while Press mention aided
linked Issues held steady, George Oliver A. 5 up at 160p.
although the 1988 i'50-paid, at In contrast. Ex ecu lex Clothes
49J» gave up Thursday's rise of remained under pressure and
»■ shed 3 more to 7p.

Leading equities opened barely

1 ® 81 1982 « cheaper at 68p. Estates and

General Investments, the sufc-

f n ^ *?***. ®-“h rV °» U » maT H proposed £0.7m rights issue f^eitted^Lmdfsfced ^to f fl5pl

late ahead oi the statement, held before closing unaltered at

Sip. In the wake of the Irish

BWarose. SSp. encountered pro- late trading following the full-
fit-la King and lost a of Thiirs- year loss and gloomy statement,
days gam of 13 which followed _
the fall-year results, but Richard Golds Subdued

J? n £ n< 5? annu f I Mining- markets ended a voh-
tile week on a quiet note, with
added a 5* t X£ l, - p ** downturn in the bullion

ria r ni ? '^ u . penp to -J°P ,n price being offset by the rise in
response to the annual figures, foe Financial Rand.

Certain Property issues The Gold share market made
bucked the quietly dull trend, a bright start to the week -s
Capital and Counties attracted the bullion price was lifted
new-time buying and put on 4 above the S330 level on rumours
to a J9S1-S2 peak of 130p, while of a deal between the Soviet
Fairview Estates hardened a Union and European Central
couple of pence to HOp on fur- Banks, whereby rhe Banks
cher consideration of the interim would purchase a sizeable
results. Hegallan also added 2. amount of Soviet goki at prices
to a I9S1-S2 peak of 57p. On in excess of. current levels,
rbe bid front Federated Land Golds responded accordingly,
jumped to 151p before closing but the upward trend proved
just a penny dearer on balance short -lived when Wednesday’s
at I46p following the increased South African budget revealed
offer, currently worth 156p per an increase, from 5 to 15 per
share, from XL P. Kent, a penny cent, in the surcharge on taxes

for a gain of 16 to 175p since Among Foods. Unigate became
Tuesday's better-than-expei'ied a dull counter on talk that
first-half figures. Continued brokers had downgraded their
speculative demand lifted Good- profits estimates and the shares
man Bros, a penny more to ISp, feU to gQp before closing a net

4 down at 92p. Other leading
issues held dose to overnight
levels, but selected secondary
issues made progress. William

Budget, Fitzwiiton shed 2 i to Leading Oils firm

25p.

Saga Holidays shed 6 for a
two-day fall of 11 to 150p, the
chairman's cautious statement
outweighing satisfactory interim
profits. Recently firm Horizon
Travel, preliminary results due

Low put on 9 to 202p on revived
- Shoes trended firmer. A more speculative interest, while Asso-
for any incr^lS hi actidn^ a? detaUetl appraisal of the mid- dated Fisheries added 5 to 73p.
the rari nf 1ST? 1 statement lifted Strong and Somportex, however, shed 10 to

ing Account. Prices continued to Ind^tt? Idded TteaSSSnS on SdliJ *rt" "on care end maintenance test,.

drift lower on lack of incentive
and in the absence of a firm lead
from Gilts. The tone turned
weaker on the afternoon
announcement of further

rationalisation at Meial Box, but -

prices picked up towards the vailed among leading Electricals, posed factory closures depressed

-* . . but closing levels were a few -- - - - - -

pence above the day's lowest.

Renewed profit-taking in the

Good late on Thursday on
rumours about an oil find in
Prudhoe Bay, Alaska, denied
yesterday by Britisb Petroleum,
leading Oils continued to attract
support and closed at the day's

best. British Petroleum and

next Monday, closed 5 cheaper Shell gained 6 apiece to 302 p
at 392p, after 3S7p. Elsewhere and 37Sp respectively. Lasmo,

in the Leisure sector. Samuel- following goad preliminary re-
son Film Service attracted sup- -suits <na Tuesday, stayed at

port and put on 8 to 135p. but 3O0p, but retained a gain on

Glasgow Pavilion encountered the week of 22. Elsewhere,

selling in an unwilling market Clyde Petroleum attracted sup-

of gold and diamond mines.
Subsequent selling of Golds
eroded most of the gains made
earlier in the week.

Trading was minimal yester-
day with most issues drifting
back on light selling and lack
of interest. The Gold Mines
index dipped 3.3 to 237.4 leav-
ing it 3 points higher over the
week.

The bullion price fell S4 to
S3 23 an ounce tor a week's net
gain of S6.5.

An otherwise quiet Austra-
lians sector was featured by
Xorth Kalgurii and Metals Ex-
ploration following the former's
proposed 16-for-100 rights issue
at 30 cents a share and the plac-
ing of the Flmiston mine on a

FINANCIAL TIMES STOCK INDICES

Mar.

26

Mnr. MAT. I Mar. Mar.
S3 24 ! 55- • V3

‘ 1»A"
Mar. ; year
IV ; ago

Govammsnt See* . .

Fixed interoil

Industrial Ord. .. .

Gold Mines.

Qrd. Oiv. Yield
Earnings, YW.^fuii
P.’E Ratio mar

ea.69
69.56
65 ?.?
237.4
5.63
I1.ZS-*
ll.ltf

68.94

69.66

599.9

240.7

5.61

10.73

11.85

69.13

69.59
563.6
254.8

5.58

10.60
11.91.

69.55. 69.06
69.56 69.31
564.3 559.1
954:6 240,5
5.57 5.8?

10.65 10.75
11.95 1 1.8*

68.45 70, IA
69.03 71.94
5U2.7, 521.3
354.4; 370.1
5.99
10.09;

1 1.90

6.20

12.50

10.Q0

Total barsnlni 32,903 35,047 19.MS 24,020 2l,0l0 l»,4Q3j 29.62 1

Equity hi mover l!m, - ; *4L33 =02.15 180,79; I01.M- 136.8& aw.75
Equity bargains 20,162 20,606,21^48 20,624 14,799,27,759

10 am 558.4. It *m 557.6. N«" 556 .0. * pm mE.2.

. J pm 555.8. 3 pm

8» s ICC* Govt Seta- 16/10/26- Ftsorf IkI. 1978. In^usir-il C-d
1:7,35. Geld Mines 12J9. 36. SE Act’v t# 1374.

Latest Index 01-246 3026.

■Nrf-IOJB.

t GarrocT'an.

HIGHS AND LOWS

SE. ACTIVITY

1981 >2 Since CompHafn

Mnr.

=5

Mnr.

24

High

Low

High

Low

Govt. Secs • to 6l 60.17 127.4 ; 49.18 :

iMfMH l:35i , E “.?oJ?* ,!

Fixed lnt_.. 72.01 > 61.61 ' 150:4. 5033 i Barqains...
iSO arili ;cn.-U ! 8IM2l;IV4r>' ' t«*l.-7y

100.5 205.4

Value

!nd:Ord 597 J ! 4463 |- 597.5 ; 49.4-

lM;4.lli liWt-Sn [39,4.811 ^26.-6.-401 pJlSSK. :
Gold Mines..' 429.0 : 209.8 ! 558.9 : 433 ! Equities..

.(M.-9.-8I1 I iS.S-B.i i22,Sit0j BarEMUns...

I Value

150.6

205.7'

1353

408.6

205.4 203.0

131.0! 115.6

303.5 299.0

NEW HIGHS AND LOWS FOR 1981/2

Lambert Howarth, 59p: the last-
mentioned announces annual Metal BOX f all
results next Tuesday. . , „

. „ ... .... A gloomy profits forecast to-

Quietiy dull conditions pre- g ether with details of the pro-

Wetal Box. lriiieh fell 14 to 160p.
Other miscellaneous industrial
leaders generally moved in a

close on technical considerations.

Down 4.7 at the day's lowest
at 3 pm, the FT 30-share index
ended a net 2.2 off at 557.7 for
a loss of 5 points on the week *.e„ ...uii*

and one of 9J on the accounL iSj. r * 5 i2 61 °P- 014X0 4 10 514 P- and

New-time interest for the three- iHL® LS - ^ 3p ' A" d Beecham 3 to 229p. Secondary

ful debut in the Unlisted Securi-
ties Market on Tuesday, added
3 to 134p compared with the
placing price of 120p.

Motor Components remained
irregular. Lucas fell to 191 p on
further consideration of the dis-

tant the company had estab-
lished a 82.5m credit facility
lifted Flair Resources 20 to
142 p.

A mixed Pres* reaction to the
annual results prompted an
easier tone in Ocean Transport,

liaj ui v7 * L'Tu^iutrLdiiuu ui i_u*r ui>- « n «: „ f i -> rw% d 9 a HpfpTTAri nn

Z»wr t] FJ?Z KSsh,e "SS 1 * Erection" but "falls were ^aT^ed ihe^ oSh^Sind .fflSd TSrthiJ

modest. Unilever gave up 6 to a A ] *l e support and closed 2 up at 13Sp.

Thorn Elffl, to 420p. Elsewhere
Automated Security advanced 13
to 205p after comment on the
results and Cambridge added 6
at 130p for a similar reason. Still
Blansan Finance Trust turned reflecting the success of the
weak among merchant banks, recent £L89m rights issue,

week Account starting on Mon-
day was virtually non-existent.

Manson Finance weak

issues were featured by a fur-
ther rise of 7 in Inter-City In-
vestment. making a two-day
jump of IS to 63p. on hopes that
the mystery investment concern.
Me tan Investment Establish-
ment of Liechtenstein, will ‘

a penny dearer on balance at
196p. Dunlop cased a penny to
73p, while Supra gave up 2 mare
to 46p. In contrast. Distributors
usually finished higher. Hanger
Investment rose 2 to ‘JSjp fol-
lowing the return to profits and
the dividend list, wbiie Britisb

Revived speculative demand
lifted Celtic Haven 31 to 33 Ip.

Textiles remained subdued
and most held close to the over-
night levels. Corah provided an
exception, however, with a gain
of 3 to 4Sp. but Irish concern

falling 9 to 63p following the Security Centres firmed 6 afresh launch a full-scale hid dancers
announcement about problems to 161p, while Unitech rallied revised with a <meeuiative im- earIjer " m tfae week, rose li to
within its leasing division which from recent weakness to finish a inrov^menf nf r at Un whit* S6jp. Support was also forth-
accompanied the interim figures. °et IS higher at 23Sp. Falls of fi n p-art dealem and aurtinneenj coming for Lex Service, 5 up at
Increased taxation fears con- 5 and 7 respectively were seen Ch^ Se™t£ S 12 °P-

S s !?cii.SSri{a«wSto.t , 6 ^ Md ^ amofl E

major ciearers. Mat west lost 6 fcnrouierm. 5t«p. after recent weakness, the issues was again centred on

New-time buying ahead of the former rising 8 to 144p and the Pearson Longman, which added
preliminary results, scheduled latter 30 to 355p. Cope Allman 5 more to 315p to record a sain
for next Wednesday, helped hardened a fraction to 421p fol- of 43 since last Tuesday's an-
Weir to feature Engineerings lowing the interim statement,

. . f with a rise of 6 to 62p. Newman- but Scotcros fell 8 to 90p fol-

mterest was shown for cider Tonks touched 74p before clos- lowing adverse comment.

■■»«**• S. earer >ns a net couple of pence dearer British Aerospace eased 4 ro

at a 1981/82 peak of 3/4p. Merry- at 73p on lJ»e increased half-year I70p ahead of next Tuesday’s

Car Auction, which announced Youghal Carpets fell 2 to 4p in
increased first-half earning

1982 low of 17p before ralljing
to close unchanged on balance
at 19p, while Metals Explora-
tion, which bolds a 35 per cent
interest in North Kaigurli,
touched a 19S1-S2 low of 16p
before dosing a net penny down
at 18p.

Business in Traded Options
was evenly distributed between
calls and puts which attracted
753 and 705 trades respectively.
The week’s daily average
amounted to 1.5S5. Oil issues
were to the fore and British
Petroleum recorded 191 calls
and 130 puts, while Shell Trans-
port attracted 42 calls and 87
puts.

TUc tallowing quotations in trw Slum
Intarnurion Service vesterdir i turned new
HI oni jnd lows tor 1981-82.

NEW HIGHS (35)

BRITISH FUNDS (3»

EjtciKjr. 3K 1984 tre*L 3pc 1987
Tices. 3 k IMS .

COM ‘WEALTH ft AFRICAN LOANS >1)
Ant. 6 DC 1981-U

AMERICANS (2)

Abbott Labs- Quaker Ons

BEERS (2i

Bulrrwr iH. p.» Buttonwood

BUILDING (2)

Hkgtn & Kill Lovell (Y. J.»

CHEMICALS (1>

Halstead

STTORES.(I)

Stead & Simmon a.

ELECTRICALS 13)

Cambdldge Elec. Security Centro*

MK Etectnc

ENGINEERING <3»-

Beaurord New man- Tanks

Drake « Scull

' INDUSTRIALS (Si

Bcanon Clark Metal Cknum

Black (P.j Prestige

Inier-Citv Willi (Gcofsw)

INSURANCE HI

Traveieis

LEISURE 111

Owners Abroad

NEWSPAPERS >2»

Collins rtrnu A Pearsoo Lonaman

PAPER (21

Eacalvotus Good Relations

PROPERTY (3)

Camtai & Counties Recaiian

Ciisurn Prop.

SHOES (11
Lambert Howarth

TEXTILES (1) '

Corah

NEW LOWS (32)

FOREIGN BONDS (la
Cbnesr -Set ~Z5 B>r.

STORES <11

EseCIIIVK

ELECTRICALS 13)
Electronic Macnine Quest Auto.
Forward Teen.

ENGINEERING (1)

Brook* Tool

INDUSTRIALS <71
Berwick Time® Rolle A Nefan

Christ**- Tyler Stelua

F'tzwilton Tomer 4 Newall

Lesney

SHOES (S)

Stvlo

TEXTILES <21

Show Carpels - Youuhal

OVERSEAS TRADERS (II

Boustead

ML * GAS 12)

Hamilton Oil TR [iwroy

RUBBERS (U

Grand Ceniral

TEAS Ml
McLeod Russel 84 dc Cnv.

MINES (11)

East Dim. Metals Ejcotoraboe

S*l»crm|nM Mid. East Mini.

Vopds. North KalBurli

Ano'o-Am. rmr Getnmr

De Bears Dfd. Petdlmb

limber la na

RISES AND FALLS

more, making a decline on the
week of 18 to 422p.

Movements oi note in the
drinks sector were few and far
between, although renewed

nouncement that the company
is involved in takeover talks
with parent concern S. Pearson,
a penny cheaper at 255p. Else-

down Wiite added a penny to 65p profits, while G. ML Firth, which animal figures, while Booker draw strength from a favour-

in sympathy. Elsewhere, a closer this week acquired a 12.2 per McConnel, with figures due the able mention and rose 4 more

appraisal of the intenm results cent shareholding in Howard same day, softened a penny to to 176p: the prelimina**v results

lifted Amalgamated Distilled Tenens. rose 6 to 206p. Stothert 66p. Grovebell touched 6p on are expected next Wednesday.

FT-ACTUARIES SHARE INDICES

These indices are the joint compilation of the Financial limes, the Institute of Actuaries and the Faculty of Actuaries

EQUITY GROUPS
& SUB-SECTIONS

Figure in pare mte s c s show nuntw
of stocks per section

49

51

a

99

CAPITAL GOODS (210)

Building Materials (25) -

Contracting, Constmcllan <28)|

Qectrfcate (31)

Engineering Contracbn (9) -I
Medaniad Engineering (67) .|
HeWs and Metal Fairing (12).

Motors (2D

Oder Industrial Materials (17)_
CONSUMER 6R0W'a99)J
Brewers and Distillers (Zll.
Food Manufacturing (21)

Food Retailing 05)

HetihM HouskoU RwdnaslBL.
Leisure (24) —

N i! 'W 2 »fic i i, PuWWiing (12i-|

Packaging and Paper (13)

Stores (45)

Textiles (23)

Tobaccos (3)

Other Consumer 04)

OTHER GROUPS (78) _

Chemicals (16)

Office Equipment (4) —

Shipping and Transport (131—

Miscellaneous (45) —

INDUSTRIAL GROUP (487).

Oils 03).

500 SHARE INDEX

FINANCIAL C3M1UP (117]
Bankstb)

Discount Horses (9)

Insurance (Ufe) (9)

Insurance (Composite} (10)
insurance Brokers (7) —

Merchant Banks (12)

Property (49) .........

Other Financial (15)

I rtvesement Trusts (132) .

Mining Finance (4)

Overseas Traders (17) —

ALLSHARE INDEX (750)

Fri March 26 1982

Index

No.

366.32

330.66

6X0.06

1265.09

49657

18939

161.08

96J4

37354

296.40

299231

271.721 -07

603.70

383.70
44055
525.77
14737
27559
172.72

303.161 -LD
294.061 +03

253.91

32933

32534

578.08

32406

314.791

692.64

345531

257.98

274.23) —0.6

236.9ft

25955

max'

46835

145.63

455.92

179.26

204.6ft

381.64

323.00

EsL

[Eanngsl
Day's [Yield

Change

%

- 0.6

- 0.6

-0.7

- 0.6

- 0.6

- 0.6

-0.9

+ 0.1

-0.7

-05

+0.1

-05

-0.9

-0.8

-03

-0.6

-0.4

-05

-0.9

-15

-L6

-03

-0.4

-0.6

+15

-03

-0.4

+0 2
+03
-03
-03
-03
-0.7
-03

+03

-35

-05

-03

(Max.)

Gross

Drv.

YieW %|
IUTB
30%)

952

1333

14.65
738

12.95

1X29

10.11

251

959

12.41

1550

15.66
8.95
8.20

10.06

1050

1357

1032

9.80

2031

0-22

1337

1354

1285

18.98

1X41

1X58

18.04

12.61

38.97

1X25

4,74

15.98

1555

13.72

433

s.a

4.72

234

559

585

7.60

6.91

552

5.64

652

6.67

333

4.16

5.32

5.95

734

486

5.80

&60

5.77

633

7.01

636

639

5.07

5J23

836

5.73

639

7.79

9.15

6.49

ai7

531

539

327

6.08

5.44

6.94

834

536

EsL

P/E

Ram

(Ned

12.69

9.01

8.05

1731

9.00

1X22

12.78

1223

939

7.63

7.68

13.62

1433

1231

12.39

831
12.98
13-15

5.64

9.08

832
9.47
624

10.73

10.62

6.47

9.63

232

12.14

2843

7.70

734

8.90

This

Mar

25

Index

No.

368.45
332.75
61454

1Z73-00

50L63

190.61

16257

96.H

37615

297.95

29830

273.60

60720

38731

44431

52710

14832

27633

173.64

30632

29339

25631

334.47

127.28

580.08

325.45

316.75

682.47

34657

258.99

27539

23633

25930

16733

469.14

14533

459.00

179.64

29530

20735

383-51

32432

Wed

Ur-

24

Index

No.

37162

335.46

61333

1286.121 1294.41) 1292331

50132
19126
16437
96.46
382.07
299.60
298.71
27635
61428
390 JB
446.98
52230

149J3

277.61

17431

30732

29039

25815

33723

12937

57415

32839

318.93

67930

34837

26165

27931

23939

262.06

168.93

475.96

14534

462.66

18194

297 J4
209.72
386.48

32604

Tues

Mar

23

Index

No.

373.06

33732

616.53

50197

19141

163.47

9937

38227

299.47
29616
27822
62322
390.60
449J5
51832
14536
27625
173 J2
309.49
290.45
25818

337.95

130.40

57420

327-51

31932

67828

34831

26084

27739

23537

26332

169.43

467.98

14437

46072

18146

294.75

20733

384.47

325.75

Mon

Mar

22

Index

No.

37156

334.78

61143

493.53

19050

16233

9632

38209

29529

29230

274.41
61453
387.79
445.92
513.48
14417
27021
17301
30337
29135
255.78
33435

329.42
56917
32426

31624

659.61

34428

25936

27865

23515

2S951

16825

45334

144.77

45801

18054

29210

20418

383.71

32220

Year

(*^.1

Index

No.

33432

304.78

56431

105535)129462 (19/3/88

430.95
20239

155.96
9513

350.42

26337

24511

51X42

276.94

39720

13844

26567

14636

23622

26820

21729

25213

U534

60730

284.77

28X13

81637

323.74

25430

23652

304.79

26524

163.97

35234

15751

50826

17266

297.49

23930

450.07

30951

Highs and Lows Index

1961/82

Since

ComillKkm

High

38129 (3/2/83
34014 0/2/82)
618157(24/3/83

523.05 (5/2/83
23026(24/4/81)
18296 (29/1/83
11276 0/5®)
41063 (5/2/83
29960(24/3/83
32516 (16/6/81)
287.47 (27/1/82)
62322 (23/3/83
39637 (3/2/82)
476.41 04/8/81)
527.10 (25/3/82)
16X79 '1/5/81)

294.06 (30/4/81)
17533 (8/3/82)

32260 mm

31X40 (1/5/811
260.91 (8/3/83
35338(11/2/83
13X88(29/1/83
644.76 (24/4/81)
32839 124(3/82)

320.70 (5I2/B2)

923.71 (2/1/81)

35339 (17/8/81)

279.45 (1/9/81)
304.42(22/2/32)
314.03(20/3/81)
29844 0/9/81)
188.09 (1/9/81)
475.96 (24/3/82)
17936 (2/7/81)

517.77 Q/4/81)

18935 (11/2/82)

33290 (17/8/81)
29626 (14/8/811
48851 08/5/81)

33864 (17/8/81)

Z7228 05/1/31)
23682(13/1/81)
40339 (8/1/81)
888J3 (15/1/81)
774.44(20/1/81)
1624705/1/811
1278404/1/81)
8273(6/11/81)
27735(15/1/81)
2273004/1/81)
244.4203/1/81)
204.1704/1/81)
4408901/3/81)
2453804/1/817
3273806/1/81)
414.73(28/9/81)
10885 04/1/8D
21X94 (2600/81)
12237 09/1/81)
19337 09/1/81)
22984(28/9/81)
19189(28/9(81]
23535(13/3/81]
9279 (30/10/81)
430J8(28WSU
240.93(28/9/81)

24X2405/1/81)

588.96(28/9/81)

276.00 (28/9/81)

22302(28/9/81)
22034 01/3/81)
21X15 (7/1/82)
22274 (7/1/81)
14206(19/1/811
29431(20/1/81)
12733 (28/9/81)
37731(28/9/81)
14586(28/9/81)

257.70 (28/9/81)
196.96 05^82)
36935(28^81)

26565(28/9/81)

Hign

38X29 (3/282)
34014 (3/2/82)
61833(24/3/82)
11294.62 OV3/82J

523.05 (5/2/82)
23036 (24/4/81)
19229 (4/5/79)
17039 05/1/69)
41X63 (5/2/82)
29930 (24/3/82)
325J6 06/6/81)
287.47 (27/1/82)
62322 (23/3/82)
39637 (3/2(82)
476.41 (14/8fla)
527.10 (25/3/82)
26X79 0/5/81)

294.06 (30/4/81)
235.72 07/1/67)
339J6 (2/8/72)
31140 0/5/81)
260.91 (8/3/82)
35338 01/2/82)
24X06 (1/9/72)
644.76 (24/4/81)
32839(24/3/82)

320 JO (5/2/82)

[1065-24 09/11/80)

35339H7/8/81)

279.45 0/9/81)
304.42(22/2/82)
314.03 (2D/3/8D

298.44 anm
388.09 (1/9/81)
475.96 (24/3/82)
27837 0/5/72)
517.77 12/4/811
303-1808/5/72)

33290 1 17/8/811

29626 HHStSl)

48831 (18/5/81 1

33864 07/8/81)

Low

50.71 03,12/74)
4427 01/12/74)
7X« (2/12/741

84.71 (25/6/621
6439 (2/1/75)
45-43 (6/1/75)
4965 (6/1/75)
19.91 (6/1/75)

127735 05/1/81)
6141 03/32/741
69.47 03/12/74)
5967 01/12/74)
5425 01/12/74)

[17538 (28/5/80)
5483 (9/1/75)
55.08 (6/1/75)
43.46 (6/1/75)
5263 (6/1/751
626 6 0102/74)
9434 (13/6/62)

122984 (28/931)
5863 (6/1/75)
7X20 0/12/741
4534 (2/1/75)
9080 (29/6/62)
6039 (6/7/75)

LEADERS AND LAGGARDS

Percentage changes since December 31, 1981, based on
Thursday, March 25, 1982.

Yesterday

On the week

Rians

Fells

Sams

Rises

Falls

Soma

British funds

. .. . 7

69

17

203

206

56

Corpus . Dam and Foreign Bonds

3

12

60

S3

42

204

Industrials

.... 180

319

876

1.060 1.227

40&

Financial and Props

... 68

113

337

511

461

1,618

Oils

22

30

5?

180

117

253

Plantations

—

10

14

18

22

80

Minos

26

63

73

232

223

361

Others

.... 79

16

44

321

158

226

Totals

365

632

1,479

2.608 2.456

7.326

Other Consumer +18J36

Tobaccos +17.38

Stores +15.11

Contracting, Construction +1469

Insurance Brokers +1X47

Health and Freehold Products +11.87

Packaging and Paper +11.81

Shipping end Transport +11.81

Textiles +10.98

Chemicals +1032

Consumer Group +10.66

Other Groups +10.29

Building Materials +10.22

Food Retailing +10.14

Newspapers. Publishing + 987

Brewers and DistiTfars + 9.G8

Insurance (Composite} + 7.92

Industrial Group + 7.53

Lw'eure - + 5.80

Office Equipment + 5.70

500-Share' Index +4.71

Food Manufacturing + 3.80

All-Share Index + 348

Investment Trusts + 339

Insurance (Life) + 282

Capital Goods + 2.68

Motors + 2 J6

Engineering Contractors + 2.19

Financial Group +1.52

Properly .. + 1 J 4

Electricals + Utt

Other Industrial Materials ... + 0-52

Mechanical Engineering — 1.70

Metals and Metal Forming ... - 2.78

Banks - 361

Discount Houses :... — 4.21

Overseas Traders — 5.02

March wit Banks - 6.54

Oils - 8.22

Mining Finance —11.98.

Gold Mines index —21.72

ACTIVE STOCKS

Above average activity was noted in the following stocks yesterday

Slack

Closing
pnea ■
ponce

Djy's

Change

Stock

Cioaing

pne*

panr.a

Dr/'s

changa

BtCC ;

318

- 7

North kalgufir

19

—

Cambridge .Elact

130.

+ 6

Scotcros

- a

Federated Land

146

+ 1

Somobys

3S5

+ 30

Inrer-Cicy Investment .

63

.+ 7

Thom -EMI

.. J20

Metal Bon.

100

-14

UnigatB

92

- 4

Merat4- Exploration

18'

- t

Urii«ch'

238

+ )B

THURSDAY’S ACTIVE STOCKS

- Based an bargains recorded in S.E.. OffiCiiil List

Thursday's ■ • Thursday's

No. ol closing

RECENT ISSUES

price

prico

Day’s

-

pnen

prico

Day’s

Stock 1

changes pence

Change

Stock Changes nones

change

De Beers De(d.

27

223

-11

ICI

19

320

- 4

GEC

26

818

- 2

Inter City

19

56

+11

Lasmo

24

300

—

Racal Electronic

19

376

- 7

BP

22

296

+ 2

BAT Industries

18

405

. - 4

Shall Transport

20

372

—

NatWest Bank .

IB

428.

- 7

Etoecham

19

232

- 3

. Premier Cons. -

18

42

BH Property ...

19

455

—

Turner & N'w*H

ia

63

to- 3

EQUITIES

Issue

price

P

'=?*■<>
:3 3 5 c ®

•If 5 So.

< C- K

1981/83

High 1 Low!

Stock

1 ? 0 | ' ri 1 q

5-DAY ACTIVE STOCKS

Bases) on bargains ovsr the fivo-day period ending Thursday
Thursday's

. * No. of closing Change

once price

Thursday's

No. of closing Change

+a ) bS,5 i 2.9, 2.5!l6.1

99
4190
! a
;i30

1

■lBu lAmersham 800

- 19 Cambrian ft Gen.7jp. 25 ,

•315 , + Eld ridge Pope £1,..;370 ; 9.5 '26 3.7'11,4

; 21 meet Holdings 20p„.< 23ie!^is — : — — i —

27 Green frier Warrants! 37 -+8 — ■ — —I —

142 F.P. 26:3 -202
15 F.P. 15,-4 , 25

80 .F.P. — 370

- 'F.P. : - . 25

F.P. — 38

F.P.. 3:3 . 93 ; 89 lifrlmm. Bus. Sya. 10pi 92 ‘ ; — 1 — ! — I _

'E'E' ““ 1 55 I 1 ?! Leisure Inds. :134 .+3 Ib5.0 1 2.& 6 . 3 I 9.4

:.S3 ; 47. _>{iMaIayBian Tin 6p... 50 • - — 1 — : — : |to

■F.P..16.4 170 -137 |*Oceonlce Mp. ;16S ;-1 jbdl.B! 4.7 1.317.8

vE’] ~ : 22 12, !° sprey Assets ; 30 FX4 | — , 6.7 —

a* : SI 1 H. Industrials 39 hi — >3 b3.5 1 1,8(19.7 6.3

46 !FJ».;19/2 63 . 47 |4.Yorlc MeunL. | 63 \ ! 4.5i| * !l0.6| 4 .

Stack * changes

pence

week

Siock

Shell Transporr

126

372

+ 18

Cns. Gold Fids.

98

390

+ 20

GEC

122

818

- 2

Tnccntrol

90

194

+2*

Laerpo

122

300

+ 35

BAT Industries

89

405

+ 2

110

298

+ 16

BICC

89

£5-

- 5

Oe Baers Dsfd-

107

226

+ 2

Racal Eloclromc

89

378

+ 5

Mks. ft Spencer

100

153

+ 7

BH Property . .

85

455

+ 5

Ultramar

100

390

+ 45

Turner & N’w’ll

84

63

-10

LONDON TRADED OPTIONS

Mar. 26 Total Contracts 1,458 Calls 763 Puts 703
r_ I A Pri) 1 July 1 Oct.

59.01 (13)12)74)

8783 (29/5/62)

63.49 113/12fl4)

5SL88 (13/12/74)
62.44 (12/12/74)
8X40 00/12/74)
44J8 (2/1/751.
43.96 03/33741
6586 (16/12/74)
3X21 (7/1/75)
56.01 (20/4/65)
3329 (17/12/74)

u

RIGHTS”

OFFERS

*Si

Latest

Reriune-

1981*2 t

la-

• ■

Nigh j low !

7163 (13/12/74)

6631 (30/9/74)

9737 (6/2/75)

6X92 (13/12/741

FIXED INTEREST

PRICE

INDICES

British townmeatj

5 7*3°

5-15 yean

Owr 15 years—
Irredeemables-.
An Sucks

DebatBres&LsK-

Preference..-

Frl

Mar

26

1XLZ7

11511

12X54

11233

8736

6535

Days

change

%

+ft81

-034

-035

-0.44

-030

HU3

+037

Thws

Mar

25

TMHK

11X54

U551

32207

11235

8806

6531

xd ad).

1982

to (fate

289

275

304

L62

285

109

220

14

AVERAGE GROSS
REDEMPTION YIELDS

Fri

Mar

2b

Thtrs

Mar

25

Yea-

ago

(approx. 1

1961/82

Hk#B Low!

British Guwnunart

Low 5 wtos

1188

1189

1141

14.17

(26/10/81)

1X20 (20/3/81)

Coupons

15 jWri.

1274

1270

1195

14.49

(26/10/81)

1X86 (203/81)

25 jean

1258

1251

1203

14-53

(26/10/81)

1X88 (60/81)

. Meffiras

5

13.91

1X85

13.08

1680

(26/10/81)

3291 (20/3/81)

Coupons

15 years

1X76

1X67

3343

16.45

(26/10)81)

1332 mpw.)

S jetos-

13.28

1311

15.90

(28/9/81)

13.03 (20/3/81)

High

5 y«*

1364

1X76

13.03

1*62

(26/10/81)

1293 (20/3/81)

rraipnrt

15 years.

13.93

1386

13 A3

1659

(2mm.)

1354 (20/3/811

25

13-32

1328

1X22

16,83

(28W

1311 (253(82!

limfeanUes...

.. . . i

1229

1222

1139

1422

<2/10/81)

1135 (20/3/81)

MK 6 tins*

5 jean

14.59

1455

14.08

17.13

(27/10/81)

0 .60 (123/81)

15 sears.-

1458

1454

1425

17.11

(28/9/81)

1436 (203®)

25 yeas

1458

1454

1425

17.11

man

K17 (233/81)

i

15.02

TT1

1429

16.83

(29/19/81)

Equity section or group

other Industrial Materials

Other Consumer —

Health.' Household Prods. - —

Otiter Groups -

Overseas Traders.^

Engineering Cemiractors

Mechanical Engineering

Office Equipment.

Base date
31/12/80
31/12/80
30/12/77
31/12774
31/32,74
31/1271
31/12/71
16)1/70
31/12/70

industrial Group- — —

T Rat yield, A hst of the constituents Is available from the

Base value
287.41
23ai4
26X77
63.75
100.00
153.84
153-84 -
IPftPfV
12820

Equity wsaton or gram

Other RnandaL. —

Food Mawfedtaring

Food Retailing

Insurance Brrteers —

Mining Finance
All Other.

British Government.
Oete.& Lotas

Preference———

Base date
31/12/70
29/12/67
29/12)67
29/12/67
2902/67
10/4/62
31/12/75
3 X' 12/77
31.0277

Base value

m06

13433

13433

96A7

100.00
100-00
100.00
WO JOG
76.72

FIXED INTEREST STOCKS

opti ° n fsstfsff , vo( - ng*. vd. vNt-i

_ . ts a • a

Issue 5 a ■ c e
prico ■ 05 ScS
it . Eg iV 5t»
■ < 3. J*

1981/2

Stock

: High Low i

n +«r

as 1 -

6a i

$100 1:25
10° F.P.
Fioo duo
100 ‘F.P.
99.532 l£30
“■99 1 II 10
',100 F.P.

** F.P.

98.53 L£20

fS'J .ff ^,??V5 arcl *Y s 16 * Ln. stk. I 30ia;— la

.14/4-116 [111 BoddfngtonflBrew Sii^Cnv. Ln.SBMJ)S|113 1

“ . 101® 10 '2! Bristol Water 9% preT 1 101"!

22, -3:103 , 99 iHunting Pet- 10S Cnv. Ln. 1997.: | gg ,

— 2913 29iz mt. Bank 14* Ln. 1987 ! 29i-;

Valley 9k S Red. Prf. 1989 i lli« . .. .

“ [Nationwide Bdg. Soc. 14MS (14i8/B3i. 100 I — as

iai4.102ip.100p Ropnera llfeS Cum. Prr._. ._ hoSipl

20/5; 2513: 19S*fTnm»-Ganad Pipelines IBiS Notes 2007 1 25 !

70

40

30

160

ASX2SI

74

110 ;

11 i

10 :

F.P..15/3
F.P 8/3
F.P.-29/3
F.P. 22/3
Nil . —
Nil 1 8/4
F.P. 23/3

^S Q 1+ or

I ~

+t

19)4. 87 73 j^Clyde Petrdaum.

55^ « 40 Plnanoe lOp !

10/6) 57 50 Rrst Castle lOp I

88/4| 188 ; 164 [Hunting Pet. Services.

— J 26pm, iapm|MJ,M „.i

6/5.2 7 Apm. 24pm;St. George’s Grp. lOp I 27em!

23/4- 158 < 134 Oewrity.Cantres... 158

88
40
54
184 :+2

a3pm:— S

BP (cl
BP te>

BP (cl
BP fci
BP (Cl
Bp ‘P!

BP Ip.

BP (pi
BP tp)

BP tp.

CU (Cl

Cons. Gld (c
Cons. Gld ie
Cons. Gld Ip
Cone. Gld ip
Cons. Old (p
Cons. Old ip
Ctlda. 1.0
GEC (cl
GEC (0
GEC tp)

GEC (pi
GEC (p) I

Gr*d Met. (c)
Grid Met. fci
Gr*d Met. ic>
fir'd Met. ipi
Grid MeL (p)

IO (c) :

IC1 (cl

ICI (pi . 1

(ci tp> ;

ICI tp)

Land Sec. (ci|
Mks ft Sp. tcv
MksftSp. veil
Shell tci

-614 27/4518 pm 3ipm fihawft Marvin 10pV 319 pm' I I Shall tci

F.P. 2413 23/4; ISfei 11 Isturia 10p I i§ m . I Shell to.

1 ■ • - ' ■ shell i c ,
Shell ipi

260 l
280
300 I
330
360
260 '■
280 ■
300
330 :
360
140 ,
360
590 i
360 |
390 ;
420 ;
460 ,
90 .
800
850 I
■750 !

800 i
860
180
£00 !
220 I
200
220 j

300 ]
330 !
300 I
350 I
360 1
280 >
140 l
160 ]
330 |
360
420 I
390 :
420 ;

Renunciation dm usually last day for dealing fm of stamp duty, h
based on prospectus estimate, d Dividend rate paid or payable on mm ^
caetatij caver based on divid.nd I on full capital, ff Assumed dhridStd Md ^Id
u Forecast dividend: covsr based on previous year's earnings. F DlvWand .m
yield based on prospectus or uthnr official estimates for 1982. 0Grt»«
T Figures esaumed. O Rgunia or report awaitad. i Cover allows for camraretan
or shares not now ranking for dividend or ranking only fgr restricted dividends
S Placing price, p Pence unless otherwise indicated. 1 issued bv tanW.V
.. Onared to holders or onJinsiy shares a B a " rights.” ** issued hv
capital isation. §5 Reinwpdueed. 11 Issued In connection with lUmlinluS'
merger or take-over. |J Jntrodunion. Q Issued to lormar preforenM hnwL*
■ Allotment letters (or fuHy-paid). • Provisionaf or partiyroaid nllJmiSir
jk With warrants, tt Dealings under special Rule. * Unlisted
Market. ** London LMno. t Ettaetiv. isaue price ah* S

Publishers The Financial Tunes, Bracken House, Cannon Street. London. EC4. pnee 15p, ty post 2ft#.

ttisres taiw ftr-

OPTIONS

First Last Last For

Deal- Deal- DecJara- Settle-

logs Lngs tfon meat

Mar 22 April 2 July 1 July 12
April 5 April 26 July 15 duly 26
April 26 May 7 July 29 Aug 9
For rate indications see end 0/

Share Information Service
Calls were arranged in

Howard Tenens. First National

Finance, Inter-City, New Throg-

raorton Warrants. Town and
City Properties, Turner and
Riley Leisure, No^
Kalgurll, Reliant Motor, t.
Ryan, Sterling Credit. Dunlop.
Impala Platinum. NCC, ESI
Queens Moat Houses and KC\
Interna tionaL A put was done
in Lesney. while doubles were
struck in ICL, Celtic Haven and
Town and City Properties.

Barclays *c\
Barclays (pi
Barclays (p)
Imperial tci
Imperial (9)
Lasmo (c)

Lasmo (c>

Lasmo ic)

Umrho (0
Umrho (p)

Lonrho (p)

P&O to

PftOlc.

PAO ic]

Racal (cl
RaoaJ <e)

Racal to
Racal ipi
Raoal ipt

RTE.qi
RT3 (ci
RT2 1 c>

RTZici

RTZ .p.

RTZ fpi
RTZ [pi
Vaal Rfs. fc>

Vaal Rfs. ic> :
Vaal Rfs. ipi
Vqal Rfs. ipi 1
Vaal Rfs. fpi •
Vaal Rfs. id' *

Vaal Rf.. (pi .

C--=CaJI

420 1
460 :
600
70 •
80
280
300
330
70
00
80
ISO
130
140
330
360

390

360

390

390

420

460

500

390

420

500
45
50
35
40
45 '
50 .
GO ;

26 /
15 ■

G I

O ■

11 !
22 •

50 :
80 '

6 .

37

10 1

7 :

20

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80 .

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33 ,
15 !
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5 :

14 ,

20 I

6

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51 i

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32 1

10 i

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38 i

64 J

May

33 ’
20 <
55 j
23 1
13^;

‘SB j
15 |

a
6
10
18

21

14

7

48 J
20 '

8
9

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2

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56 ■ •• — „

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60 ] * i ;bs2p

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107

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August

52 s lo

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58 .1

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17 iq! — •

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27 ! —

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B

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v- *

s - act

'•'“TIIiTy

Financial Times Saturday March 27 1982

insurance

BONDS

25

Life Assurance Co. I M
Ptori'sChurtiyartL EM. 01 -248911a

BPS£S=* 4

Safer

&TH&SS:

®fec= =

Money Ser. 4~

Com75r.4.» __

■j5er'£S'JZ\

Crown Life

Crown life KsaVHittiiGUZZlXW 048625033.

DiU. Fd. Inon —

{tong-* Fd. Acc

Mang'd Fd. taK.

Jfeng*i Fd. loon.

ESSSKifa
BsrnwEz:

ai =

Pension

Aflwy Ufe Assurance Co. Ltd.
31i OW BurffaguH SL,

“ — yM.Aee.-.

rfraSn&Sr

RSi56S£=

gJKSSfc:

SSSf&SEr

Fixed lot. Fa. Inanl
EaityFd Aee.-

plkiSfe.-

iEfeiafc::

te.Ts-Fd.lnem

Sg-to:

§St-§

CwrSetesliw.Fd._

tetefc.

Bererfort Man. Fd

PenU WaraL Fil*.-

S&KgHt:

PW*. Butty Ace. ™

Pens. Entity ink.

PeiaFxd.wn.Att..-

Pens. FwL li«. Ink

Pens. Money Acc_„
Pen. Unv Ink

Crusader Insurance PLC
Tourer Hse, 38 Trinity Sq,«3N4DJ

FT UNIT TRUST INFORMATION SERVICE

GartmoK Invest. Ltd. Ldn. Agts. _ . * —

2 a. Mary due. Lstei EC3. 01^833531 f .Q. So* W. St Mm Jw*.,
fetawFW Mirage* (C-l.) IMM ffiL fiwg SB£* M HSSSis l.

ass&s.iW“

Quest Fund Nbn. (Jersey) Ltd.

_ Legal & General {(fait AsswJ Ltd.

“ “^jisabss

Norwich Union Insurance
PO Boa 4. Noraitdi NKL 3NC.
WjlSWteoed FMQJjU.

teragedlalUal

Do. ram

Property itdila).

Do. Accum.

ExtrgttGaUt but.

Skaafa Lite Assurance Co. (li
161-166 Fleet St. Lorton EC4 2DY 01-3538511

Uaaa&Acc. — "

VaKTS-s-

Bails fetes (fuse Phone 0

-Price a Ua-di Z3.
Nor. Units Mar. 15._l 3132

— -I -

_J 14.0

Legal ft General Proa. Fd. Mars. Ltd.
U, <teeo Victoria Si. EC4N4TP. 01-248 967B
tM “ 1 -

Pori Assurance (IMt Funds) Ltd.
2S2Higi HoAoro, WC1V7EB. 01-4058441.

Imr. Prop . Dtet f

lm.Pnp.Acc !

Inv. Eguty.—

tav.MMaged.

Pad Awnace (Ik*
ftet Managed

Standard Life Assurance Company

3 George St, Edntxrgh EH2 2XZ (331-2257971.

Kg^zrzzz:

IntemaUOfW

FSed Interest-..
Index lirtcecL

ifW5-

Phoeaoc A saw ratce Co. Ud.
4-5 King WfftHamSl, EC4P4HR.

01-626 9875 Pension

ffiSrd =

„_0»

Pen n on Flat ihl .

Pension index Linked:
Pension Cash

AMEV Life Assurance Ltd.

2-toMnce id Whies RtL,B5noidli. 0202762122
Mana g ed Fd.

“ iyfd.„

_ _7i£'a r--: . --

Property Fd

H^YMdP TO.ra:.

Money Pension Fd, _

Property PensooFd

AMEWFremBrigtou
American A Gen. fU.'

SnccxneFd

Inti. Growth Fd.

Capital Fund

. - — , 48823a

fisajfenflii isa-d =

Eagle Star InsurJMtdtand Assur.
LThreadraedteSlyEQ. 01-5881212

Eajle/Wd. Units 174.4 77.11 -OA 6J8

Equity & Law Ufe Ass. Sac. Lid.
Amerstan Road, High Wycombe. 049433377

Life Assur. Co. of fewql w da

8, New Rd-, Chatham. Kse. Medway 812348

LACOP Units Ilia H84| 4 —

Lloyds Life As su ran ce
20. CSfUo Si, GC2A 4 HX 02-920 0202
Until Gudh. March 6.0

Eb'r.

Pioneer Mutual Insurance Co. lid.

16, Crosby Rd, N. Waterloo, L>»i 051-9286655
MU. Md Fd. 11073 1113 —.4 —

040350255

KttSF

— ferEa*._.

3 z

Fnod

Barclays Life Assnr.
2S2RoodDrtnU,E7.

■- Co. Ltd.

01-534 £544

Equity * Law (Mftoged Fdnds) Ltd.
Anwrthm Road High Wyoambe. 049433077

Jnd. Pen. Eqrity.

Black Horse Life Ass. Co. Ltd.

7Z, Lombard SL. EC3. 01-6231288

Btaefc Hone Man. Fd.1
JHartagrtflw. Fd....

Property Fd. . .. ,

Fitted MenstFd.

Cash Fd.

Inaw* FO. „

Extra Income Fd

Wortdmkr Growth FtL

InLTechnok
Ndt Amr. &

y Ink. E .

: Basin PM ...HRS

Canada Life Asssance Co.

2-6. High 51. Potters Bar, Herts. P. Bw 51122

BfBLttU M I r

Canada Ufe Assurance Co of GL Britain
2-b High Sl Patten Bar, Herts. P. Bar 51X22
Managed Pen Fund,.

Property Pen Fund._L

Index Lnkd Pen Fund 11X41

Cannon Assurance Ltd.

KSytHilc Wftty, Wen*leyHA90NB- 01-9028876
0596 f-0_0« -

— (iW. Pen. Property —

— Ind. Pen. Fixed lrt._
tint Pen. Indxlk. Sts-.

I HI Pen. Oversees

md.Pen.Ca ai__- ._

!S‘ St! ' l^A^n“. toil 137-8( _

G.T. Management Ltd.

m£ai l 3BF m * Lwidixv EC2M 70J '

pesBfian:

GT Pen PL Am. Fd

CTPeoUK&GEFd_
GT Pen VWrkMde Fd.

Assfcurazkn* GENERAL! SLpiL

117. Fendnodt St, EC3M 5DY. 01-4880733

Ind. Maraged Band— P353 M2J] — 4 —

General Portfofio Life Ins. C. Ltd.
Dtsdmok Sl. Cheduuc. Herts. Waltham X 31971
Portfofio Fd. Act _ ‘

PortonoFd. Ink

Ptraned Sawogs Graop
68, East Street, HOrstant

feS3fez:|Si

m ate=ra

Pfeoslan Managed— _|/2J

&

DO-bFwLtaL -1102.7

Family Capital FenL.
FSnilyBrS.il !

Preoaun Life A s staance Co. Ltd.

Etaldiesur Hse.. Haywards HemA0444 58721

tTert.FU._r'

Sun Affiance Insurance Graop
Son AHIance House, Horjaen

sgriS&TSdiL::

Property Fmd -043

Intmwonal Fd glLb

ESL^lManSs'-'

ssts ueum

l^tezzz

Grata Penrion Ftaril
SAFU Fd l« 10
Property March 10 l-

i z ^

Arbuthnot Securities (CJ.) Uri. laXcXh)
PO B o* 2 84 , Sl He&tr, Jersey. 053476077

ftS -OH IT67

'asm 037

Dealing o* uMnesogr.

B.LA. Bond Ifmestments AG

ID. Baarerstrasse CH6301. Zug, SwiDtrtaed
BeerarSfd.ltor22_Q0.16S 10,7001 I —

Bank of America I nternati onal SJL
3S Beulex a d Ratal. U m i lom G.D
Wldtent lneome-._ItBEU.il U167UO so 18.40
Pros at March 24. Next s«& afedtSL

Barclays Unicorn Inte rna tional
1, faring Cron. SL Hefier, Jersey. 053473741

Troa MOJ 41(

larTnss h jmm 12.1

Tub* SCTW4 89.91

ItoinsSt, Daogm. Ide id Man

mmAtBlExl 5L2 55 h

Aust.tfin. (447 .«!

Crtr. Padfn_ _ 1109 9

lad. Ineanw -1283

Isle ol van Tst-fZ"

Mam ttouai..— (45.

Bisbopsgate Commo di ty Ser. Uri.

P.Q. Box 42. Dougtas. I j.WL 062L239U

ARMAC* MtBCt»L_-(M3U 5703 — J —
COUNT— March L...B7S 342M . -I X53
®40**M»t*l^ .H3§ —

Original sue W«l — £L Men wl! 'April 5.

|Gwtnn> « ftm d
35CO HMomm

ttawenn Hse,

riiaTs.

I^.U.7SL..-

N.AmericnTst.

hAi Bom Funs..

Gvtmere Fund Mmagero (I DM) (a)

P.O. Box 32 Domte, Isle of Iton Tei. 0624 23911
Gortmorr Inti. tuc_ — I3J_ J l«-g

Garimore Inu! Grth.~! u

Bridge Management Ltd.
GPO Box 590, Hong Kong

Asstcuradoni GENERALI S.pJL
PO. Box 132. Sl Prirr Port. Gumsey. Cl.

§- =

Gr w l lle Mana ge ment Limited

p.a sox 73, St. Heller. Jersey. 0534 73933

GmmHUe Inu. TsL . . j(63b^ • I

GtiHtness Mahon Fd. Mgn. (G ue r ns ey)
PO Box 188. Sl feter Port, Gramey. 0481 23506.

rod FmxJ B2&D3 aLfaT] ... . 1 10.40

Pncts at Mart STikd (tering Ai xfl 1.

Hacdtro Pacific Fund MgmL Ltd.

2110. Conoaughi Centre, Hong Kong

B5 AMUR V-W =

Hntbras Fd. Mgev (C.L) Ltd.

P O Bo* Bb, Guernsey. 0481-26521

Special Ste. Fund. | *

3ST5 Ircwne Fund ■

Trarifik Trust

IntnL Bond '

aWw-EB*

im.Sugs.-8- U.49

Price on March 24. Next dealing

tCsdods initial charge on grad orders.

Henderson Admin. (Guernsey) Ltd.

7 NewSL.SL Peter Port, Guernsey 048126541)2
(US cents). 1113.4 119 Q .. I —

_ Inri. Bd.__.-J

Plica on MKK.

assssausBa^--®.

RBC Investment Managers Lhnfeed
PO Bax Wb. SL PWer Port, Guermey. 0481-23321.

“3i i =

Raninco Managers Ltd.

PO. fix. I5W, Hrolcn. BrrnuB. (89*2913-7979
RAMINCO March 1_B8.90 938.-4 —

Rtdunond Ufe Ass. Ltd.
4Hill SroeeL DnoOtas, I.O.M.

rasa fc=K

UK Gilt Fml

^^SnSTroa:::

062423914
131 -

12.79
-04f Z
1061

Coin

Rothschild Asset Management (C.I.)

PJO. Box 58. SUJ-ans Cl. Goermry. 048126331

l(LA» F ri»M.T~..|S& ^ ■ -

sfii

38 g _

.J*

46M0 P»f!wcsZ'.I 44078

iac5B |u5.S — I K415

22 teddedin^ApnlJ

entry week.

«w..l_CO

SfeffigWd

asgr*zz1 as l§wrS

Dutch Gmider
French Franc

t Prices 0 - — c .

-nff5as, p s^7?sssi£

2.74

3<7

2JBX

Natual ResDorors—.tf

SlSSfe—

inematonf Ga 4tj-Jfl3a

Prep. Equity & Life Ass. Co.

42 HowxtsdUch, Londm EC3A 7AY 01-6211124
R. 91k Prep. Bond _.| 2 «U> | — 4 -

P r op erty Growth Assur. Co. Ltd.

Leon Home, Croydon CR91LU.

***-*3as=

Sun Life of Canada (UK) Ltd.

2. 3, 4. Cocks(xr SL. SW1Y 5BH 01.9305400

kC=

MratelLGrtti.

Lf . Umgd.

- SS!& &zd

i:a i 00

-ori LOO

*e®e

Portfolio

Portfolio M». Inlt 1526

Growth & Sec. Life Ass. Soc. Ltd,

4Q, London Fruit Exchange. El 6EU 01-377 1016

ss»^=|£

Conwxxflty Mar. 23 _

Extra tone Me. Mil
Far Enter* MatfcH
High loasneMarH

London A'rieen & Nttav ML Assur. Ltd.
129 Kbgsway, London, WC2B6NF. 0X4040393
-Asset Bunds' 1525 553) I -

London I ndemnity & GnL Ins. Co. Ltd
18-20, The Fortury, Readtag 583511.

SSS^SSElzzil M^3| =

Fixed Interest __[45.4 4X91 j —

Money Fund (A)

ActmrtaJ Fund.

Gift-edged Fund

Sa-ESed Fd. (A) ...

IrSnSi.. — —

In te r l aUo n WFd—

Suo Life Unit Assurance Ltd.

107, ChetgKide, LondDo. ECZV6DU- 0272-299524

SSSSfe=“

interaatkxal Cap...

Intenabona Ate

Americao Cap.

AmerKacAcr.

Far Eastern Cap ,

Far Eastern Acc. u,

DUrtbtftan D<

lnv.Fd.UtS.

Penrion FdTlits

Conv. Ptys. Fd. f 23TL7

Cw.Pns.Cen.UL__

Man. PersTFdL--.-..

Man. Pens. top. OL..

Prop. Pens. Fd..._

Prop. Pern. Cap. Uts.

gafSa&r,

EpS^Pens. FI Cap

Providence Capital Ufe Assc. Ca Ltd.

30 IhdxkJgelfoad, W12 8PG

Pens. Property Acc...
Pew. Et>my Cap. —

— Peis.

Pros. Equity acc.

Pens. F. IWerrst Cap.

Pens. F. Interest Acc.DO.8

Pens. Cash Cap. |ll!» <

Pots. Cash Acc

Peis. Inert. Cap.

PBis.lntrt.ASl

Peers. Far Estm. Cap
Pens. Far Estm.Att.

Britannia Inti, investment Mngrri. Ltd.
Box 27X Queensway Hnne. Queen, Siren, Sl
HeUerJerseyC.1. 0534-73114)

U A. DOW OiBowiBrted Fonds:

Am. Smaller Cos. F±.

Uoversrt Grwih Fart ..

Dofiar Inca me Fd

Storing P aimnikwiiJ Funds
Aaerxan Iwre gi uenK- «&8 52

AiniraJIan Perf. Fd. _ 74.0 79

Far East Fund 85.4 918_.

Jersey Energy T« 15.6 16M +OJ

JersevGlk' 19.9 ZLJj ....

U.K. Growth Fund... 38.9 4L§ -22

USB Fund- (90.4 105® *03

’oi

SKSSfiSbla ffBdsS

brtd. Govt Sees.

Pint Storting
Ftattatsd.^

lSSoS^

Brown Siiplcy TsL Co. (Jersey) Ltd.
PO. Box 583. SL Hefier. Jersey. 0534 74777

= wa» n

Henderson Baring Group
801. Gloucester, IX Perkier, Hong Itong

Jxar^KlL ttordiZL
japan FP-Marohr"

- ~jng. -Mar

id-Maroh

BrtWFU ■ March 2S_,
'-(nchsiie of

I* nfKsanasiiss

inn BttrtFd -March 25 11112

RM*023

aSl
19 S]

1L112) riHOI 1000

PKKnoy Ctarge.

053476029

Trie* 33425

Butterfield Management Co. Ltd.

P.0. Box 195, Hamilton, Bermuda.

gffisa&z:::^ 8 m : ] iJS

Pnces at March STNext srt <by Aprt 5.

CAL investments (toM) Ltd.

l‘0M.

CALMeiat— I

Next dealing day -April 5.

062425031

Ms! =

Capdlrex SJL

P. 0. Box 178, 1211 Geneva 12. 010 4122 466288
Fbiatln

— Bondseiex...

./Frill *5 120 . sa ( 210

jFrMSO 107301 | —

PropBRMMMRttB

Bal. BdJExe cjiWtZ!
DectJsrt Bond^rn

Equity Acorn

Prooerry Acaini.— J
Mngd. Accam 1

2nd Arnerte*!

2nd InU. Moray—™,

iSS^F^/Accz;

2nd Pro. Pens/ Acc
2nd Mgd. Pens/ Acc...
2ndlVp-PravAcc._

GIB Pens/Att

2nd Am. Petal,

L&ES.I.F.21

Current

1723-aoa -

Guardian Royal Exchange

Royal Exchange, EC3.

London Life Linked Asur. Ltd.

100, Tenxto^, Bristol, BS16EA. 0272-277179

01-2837101

-B90J 3021/ -_ 4 —

«^z=zz SK ■

Fixed lm Initial P44J

Marth 25.

Capital Life A ssu r ance -

CoiHton Hue, Cbapel Ash Wtan. 090228511

SiSirfa--! "US' l:d-

For Ctartertw Mmna see Makto Health & Ufo

01-7499111

air

ledgers. EaFiAcc. .

FroTlnL Att —

luLPens-FaUnLAtt.

irtri-Att......

Ind. Pens. InmlAcc.-
Managed Fd. Acc. — ,
hcLPensJAnALAcc..

. . jrFtL Acc.

IpftWrinn rr flrr

— Target Life Assurance Co. Ltd.

= K^' Ga “ R Sfe&^5b)

_ Man. Fund Inc

__ Aton.FLix/C^i

_ Man. Find AttZ

_ Man. Fd. Irtt

— Prop- Fund 'nc.

— Prop- <-*>

_ Prop. Fd

Wl

— For OBxt Fuxfc and Upitrt (MB ring 01-749 9X11

- P udri d Life Aumn Co. Ltd.

“ • 222, Bahopsgai*, EC2. 01-347 6533

DaAstrL . ,

iBterpatkmaf IrtLtd—
OouAaxKn.—. — — ..
Property ( d ua l

Do. Accutl —

Deposit Initial
Do.Acoan..

■fanchaster Gp.

'Initial

^..jAtt.-

Pots. FwJ. InL tratiaj
Pens. Fixed InL Acc.
Pern, inn Initial
P««». tatl. Act-,.-.™
fers. Prop. Initial —
P«- Prop- Acc. ___
Pens. Dams. In'
Pem.Depas.Aa.

Hanfaro Ufa
70ldParkLan^
Fixed InL

rtoperw

London A
WfosladePWt, Exeter

(rarest Tstft.*

Property Fund *

RcxHtoFand

ExenuUfrasL'ftLZ
•AiU&ato phot nhere 1

M & G Group

Th-ee Quays, Tower HOC EC3R6BQ. 01-6264588.

Austrato ri a
ContxxSty

1

4^!

+L5

tS

1

m

+13

*05

+0J

+24)

— ‘ Mot. Pen.

Wgh Income.——

North AniSiSZH®! 90^ — ReL

jSfer:

UmgedPem-Att.

Depnsd Pens. An. _
property Pens. Acc.

Foe I n l PerecACC. _

Ifokand (&r Price ring'00,-247 6533.

I«W- FdL lm — j
Cap — 1
Fixed lot Fd. Acc. __
Fixed InL Fd. InL—
Dep. Fi Inc.

Dep. Fd. Act
Dtg.Fd.lrt

r .._FqoityFd. Inc.-

LfJC Equity FA lrtL_

InL EarttyFfl. lnc__

lot Eqrtly «. Cap.

IK. Egrity Fd. Acc -.024.1
' " >Fd-lnL_Bl5.7
Ac. Pot—B|? 4
fVl.Ptan(^p. Pot.— '

01-2833933

Cbfeftain Assurance Funds

U New Street, EC2M4TP.
Managed Growth — 1
Managed Wra — :

internatkxiaKz) 1

Hl9h Income—. —
income A Gmmli —

Basic Resources fcl|74

American (z] --P37.

Far Eastern (a>

Cash

City of We s t m inster Assurance

Money FiaW. 163.9 H

Oft Fond™

Black Gold Ffl.

PULA Find

Soc. Prop. Units

Sue, Firs Unfi Ftmd J

Fond e une xHy

Perform IWte

Fw Penrion Prices
Series (2) Pricesaro forjprtL—

Sena (V These are t£t ptka ftr

Oerical HWkal Managed Funds UJL

15, Sl. Jurat's S4. SM0Y4UL 01-9305474

»— :#« ffi

Pnees MMi 24- Umdealfnst on

PJ-C.

W1Y3U. 01-4990031

:s

WAD

ffiSSS
isms
S*p
tesa&n

Pot: !«. cap'™

SS-ss” —

pSLttAF.Cao.™..
Pen. DJLF.Acc. —

Hearts of Oak Benefit Society

229, WngsuW, London, WC2B6NF 014040393

SBsaSSrrlSfc JM=/ =

fe.Y&Bazz

IrSnationM Bond_
Japan FwriBondM

LQfl63_

-J — Ftertoe Pmritt

— J — American (CapJ

A — Do. CAcuxrO.

-

* =

(Bond

Zl 42&1

Abnufecturers Life fnsti
SL Georgrt Vtoy, Simoage.

Prudential Pensi o n s United
Hoteoro Bus, EQN 2NH.

‘ r aus£Br y

GIB Pen. Fd. Acc ..
Gilt Pot FcLCao^_
Prop. Pen. Fd. Ao..”
Prop. Pot. Fd. c»_
Star. Pen. Fd.Atx._
Giw. Pot. Fd. Cap—.

01-4059222

r.nj

Prof Fixrt Mir 37Z/M9A1 5L1R —

Md:

Refuge Investments Limited

103 Oxford SL. Manchester 061-2369432

Storifan F«xl_
p.CWIwFBnt

Swiss Franc Fim
— Deutsche htork I
“* Y«n nllldw— ..

Capital Asset Managers Ltd.

Bermuda Hse, Sl Julians Ave, St Peter Port,
Guernsey U. 0*K1 26268

The Cunenqp Trust —195.0 10101 | LOO

Capital International Fond SJL

43 Boulevard Royal, Luxetrtoocrg

Capital lm Fuad 1 US$23.18 I -..J -

Centred Assets M ana gement Ltd.

Channel Hse, SL Hefier. Jersey. 0534-73673

Central Asets |QX3u47 213 l48HUJ7| -

Charterfmise J8p M
1 Paternoster RDk ED4 01-2483999

HBssi=ja si.

•Prices at Feb. 5. Ned sub. thy Anil L ■

Chawton CunaamSti cs (Isle uf Man) Ltd.
29. Athol Street. Doogfes, LoJA 062421724

Atoanh Metal Trust IQ35D5 14213 .... I 4D0

Nwboti^ Com. Tst_[£l4223 L4973 J 4.

Canto Cterency A Gd/rTOBtR Lit

Henderson Management (Guernsey) Ltd.
PO Bck 71, SL Peter Port. Guernsey. 0481 26541

g*™ — -■■***

tOI-Saamel & Ca (Guernsey) Ltd.

8 LeFebwe Si., Sl Peter Pan, Guernsey. C.l.
Guernsey Ts 12033 21731 -031 330

Hill Samuel Investment MgmL IntnL
P.O.Box 63, Jersey.

UK Bit (Jy: Fix. InU 1X47 4

Balanced (CSF FbndlL.^.

Far East (CrostoMi . SR
TechsrtogyilTFFd).

1. C. Trust Managers Ltd.

10, SL Georges SL. Douglas, loM 062425015

IK. Cooimtxflties Tst .197.6 103B) .] —

Next deamg ®y Aorti 7.

IGF Management Services Inc.,

cio Rcgistoan. P O. Bex 1044, Cayman k, BW1.

Intend. Gokl Fund.-..|USS5904 6L991 1 -

K.V. I n t e t fae lieer

PO. Box 526. Drift, Holland

BmerakblOfferPcetl 0FI6946 hO0*l 288

International Bond Trust

2, Boole rant Royal, Umntokrg

Nav March 26 JN922 10211-0061 -

International Pacific Inv. MgmL Ltd.
P.0. Box R237, 56, PUt Sl. Sydney. Ausi
Javdui Erakty Ta |AS320 ?28|-Kl06| 730

Inv e st m e n t Advisors. Inc.

Fast InteroaUxvd PBza, Hasttxi Texas.

ssTsan*- T-'s.f™ u .

Arnhem Hxaras Cbrte Tel: 01-247 B46L

Imricta investment Management
ICtnrfng Cross, SlHelierJenay 05347374L

wa ii»

053473933

564
in jo

225

Save & Prosper Internationa!
rSbox 73. Sl Heller, Jersey

ssjssriTfe.B

Dllr Fid. InL ^

uR’SnraroFiKd..-..

inteniKl. Gr t

Far Eastern
North AmericanT--
Septo t. —

Mi 25 >Weruy draimss*.

•"Marti ;

Schroder Ufe Group
Enterprise Hone. Portsmouth.
l id en iaU oMl Funds
CEortty.

£Rwd iniercii

15231 . I
raScbStS

Daly Dealings.

0.16

070527733

sFixfd Irterva .
Lttonag

R. Managed
(Managed

Schrader MngL Sendees (Jersey) Ltd.
PO. Box 195, SL Hefier. Jersey. 053427561
Sterling Moray Fd_J020H 123JJI .. 1 -

Nm ntooptkn on

J. Henry Schrader Wagg * Hi Ltd.

120.Cheamkk.EC2. 01-5884000.

■■ ^ 522 m

oQ-Q8B|

:

US$209 75 1

Am. In. TsL Much 24..
Asian Fd. Marti 15..
Cheamide March 25 .■
Darling Fd Marrh2b
Japan Fd Mar 25.-...
Trafalgar Fd Fro. 28

Schroder Unit Trust Mgrs. Hit Ltd.

Box 273 SL Peter Pen, Guernsey. 048123750

HI
1?

Mar3L

7 76
850
361
933
LIS

776

R50

i

Janfine Flomng & Ca UtL
46th Floor, Conmutfrt Centro, Hag

J.F. Japan To.

Do. (Accum.)

S«gfe

Do.'f iSmi
J. F. Pac. Secs. (Inc.)

Do. (AcaxnJ._

I?. MtaLTst

Do C Acorn.)

j.f.sTea.

981 -

145 -

Do. t Accum)...

J F, PW1.

— CornMB Ins. (Guernsey) Ltd.

P.0. Box 157. SL Peter Port, Guernsey

— lnml.MOT.FiL 12185 237 J| -7 j| -

— Cortex? MmaHnd

— 10a. Boulexatl Royrt, LuxenXiourg.

Cortexa Intrt — . — | USS77.03 1-0591 —

060

190

L10

050

UO

7 &

5.00

NAV Marti 22. Nnt deMlm dnr wn*29.
London AgmB: Rate Fkmhp & Co. Tel: 01-2832400

Leopold Joseph A Sons (Guernsey)
HlrzriCt,SL Peter Pori. Guernsey. 0481-26648.
LJ. Sterling Fund -_.IQ4.65 14.661 1 -

KMnwort Bensan Group
201 Fendxarti SL, EC3_ _ 01-6238000

" 5.67

5 67

J.F. Cir.&Bd-FtUUtl

Do.tAttsm.1

Japan & PadBc CnvTsit
Australia Ta

Vf> _.

Kong

Craigraount Find InL Mngrs. (Jersey)
P.0. Box 195, Sl Hefier. Jersey. 0S34 27561

GW Frad (Js^)___[89 3 M/8 - -I 1450

z SZS$-=zl

•^SL- feobridge WfcHs. Kent.

:

- Managed Fd Rl

009222271

Tra nsfatemattbaal Life Ins. Ca LW-
55-57, High Hrtborn, WCXV6DU. 01-831 7481

mwtrM 8

Senes2Fhairt.Fd..lfL3 13
Senes 2 Money Fd. „ U86 12

Sl i

M«oged Inv. Fd. IK. 1XL7 131

KgSti&Jffi 15

__ Man. POT. Fd

12245

DWS Deutsche Ges. F. Wertpapienp
Gnmebrogweg 113, 6000 Fraridnrt
I mesa PW0.C 325a+00S -

190. 97.9

Do.Acarm.„

Ita EurtexJixl Fd —
K.B. FarEast FtL —

tea Gilt Fund

KJL InL Bd. Fd. lm.
K.airt.Bd.Fd.Att.
tea iraL Fwxt

s

+0.47

K.B. jbpaa Fund __
K.aSteri. Asset Fd..
K.a U5. Gwth. Fd. _

Spill

Signet Bemxrt

Transatlantic Fd

+Ulib

Scrimgeour Kenp-Gee MngniL, Jersey-
1 Ctefog CtobSl Hefier, Jersey. 053473741.

Sentry Assurance IntenaUaaai UtL
P.0. Box 1776, Hamilton 5, Semxxte
Managed Fund lUSHSMO 4.96101 .... J -

Shuol Ufe Assurance Co. LtiL
2C SwesaryMjme. Gibrxttar 01035073037

Growth Strategies Fd_ £239 2391 -_.| —

Singer & Friedtender Ldn. Agents.
20 .CmmSl.EC4. 01-2489646

SS»iasrcr^ol‘ ! l::::J Ml

Strategic Metal Trust Unps. Ltd.

3 HiN Street. DowgRs, I0M 062423914

Stntegic Metal Tr.... IUSJOM5 09691 .._J -

Stronghold Management Limited
P.0. Box 315, SL Hefier, Jersey. 0534-71460

Coranodlijr Trust — ^.(34009 147.46) .._.J -

Surinvest (Jersey) Ltd.

4, HillSt, Douglas, Isle of Mao 062423914

Qwer Trust tf 12-11 12.741-0051 -

TSB Trust Funds (C.L)
lOWtarfSL, SL H«ier, Jersey CCU.

Korea Internationa Trust

Ftmd Man.: Korea Invest Trust Co Ltd.

TSB Gill Fond Ud... -1930
TSGiltFd.Usy.HJ -

Delta Group

P.0. Bow 3012, Nassau. Bahamas

peh i luv..Mar23,.__|USgg

Londtn Aoerxs: Mmwnt Betsoo. Tel: 01-623 8000

cjo Vldron^da Costa Ltd, King WDtiamJSteeejl,

— 1 — L°ndm Agents:

RotfaschiU Asset Management
St SwWdos Lara, London EC4. 01-626 4356

“■'XnrsfilL.il Sft'iri -

Royal Insurance Group

New Hall Place, UwpooL 051 -2274422

Royal Shield Fd I2ZL0 Z33.8I J -

Save ft Prosper Group

4, GtSLHefonX Lrxtn, EC3P 3EP.

' MEo^yFucdlzJ.I

Trident Life Amarmce Ca Ltd
London Road, Gloucester. 045236541

*M=z|g

Henderson Ad kn i ublra tfam
U Austin Friars, Loofcn. EC2.

UDT.4 I

01-5883622

krcL

Ao wrtc a n

WB Edged.

Money

I^dauonal

Grmrth'CaoZ'
GrowSA4cc_^

pE5‘&i£~-t

Pots. GiU EdaedAttC

rpi^wzzzi

&. BondrttQd uu._

01-2837500

Commercial Union Snap
SL Helen’s. X Uodershah. EC3.

nwfipi wa:

Na^N§ttlaSffni£-[

Confederation life Insurance Ca
^Cfewlri^ra, WOA 1HE. 01-2420282

sRL-

....

SSa.'SpZ:i

MB Samuel Life Assur. Ltd.

NLATwr. AiUbcmte M.Cray. 01^te64355

i fend Prin
stfrtL

x i«a -^oaI -

H5.9 4 ^

•Pricer ra Ifedi 24
tWroidy Oeafiogs.

2533
129 J]
ihiM __

ffl

m-3z

Deutsctwr Investment-Trust

Postfaeh 2685 BiTOergasse 6-10 6000 Fraddurt

»5s:z m S^i^l =

Drexei Burnham Lambert

77. London HtelL London, EC2. 016283200
Winchester Diversified Ltd. NAV Feb .US $ 2561
Wmchesier Overseas Lid. NAV Feb U5OT53
Winchester US. Reserros Ltd. CturontyWdl3l»t.

Dreyfus l u ter c ont in esital Inv. FtL
P.0. Box N3712. Nxsau, Bahamas.

NAV Match 23 IUSBS45 27X71*0551

Tyndall Asaurance/Pensions(aXbXc}
laCanyngeRDUL Bristol. 0272732241

Duncan Lawrve Inv. MgL Ltd.

Victory Hse, St feter Pm, Guermey. 0481 28034

ftSSSbsrzjUi 5M «

EhBcn ft Dudtey TsL MgL Jrsy. Ltd.
P.0. Box 7% SL Hefier, Jersey. 063473933
ED.IX.T. |U&8 129.71 —1 —

Property IKL

Do. Accum.. 1

EwkylnlL

’a= =

Equity (

187.7

Continental Lite Insurance PLC

_j __ Deposit Pern..

Do. Aoann.

Gat -Edged mo

SmSSa-fiKZrJ

,

UriraS^feiRISLZ

Do. Acam. — 1

Mer clant In v esto rs Assurance
LecnHoaro, 233 High Croydon 01-6869171

SSSlhSrtw -

Money MfcL Phs-.-.I

Schroder Life Group

Enterprise How. Portsmouth.

~ Money .

tins

_ IVteraart —

C&SGovLSccs

IncorwDistrib. — _
Income Actum. __
CKritaL.

General.

^ USE-ae

IKL L, .
Do. Pots,.
ind. Mam
Da Fens..

I Pots..

cFxd. lm

OS. Pen. Acc

B^Pe^onA^-.

-fcz

_ North Ax
Do. Pens
1 _ Far East

” ■* Z DO. POTS...

American

0705827733

7-7

"3 - >««£.

K^.zzzz:

IS^zzzz- 1

Property.

M!!" 1

179’

Man. Pot.3-W_ ,

Sfcrzrl

Prop. Pen

Dep. Pot.

The Engttsb Association
4 FOro Street, EC2.

1 deaB^" R^yfeTS Mar. 1

01-5887081
7.32

197

33 1 ”

-

Vanbrugh Life Assurance
4143 Maddox SL, Uhu W1R9LA.

Eurobond HoMngs N.V.

Pietemart 15. WNIeostaa Curacao.

SX. Europe OUgattons SJL

LortwT^S; F^^ls^nS^LmdonJAbD
EC2M 5TS Tel. Oi-920 0776 Telex 887281
EwoptoOUtgatlORS _| US543.92 1-0111 187

London, EC4. 016232494

NAV Won 7378.73. IDR Vteae US$in2fi000.

The Korea Trust

Daehan Investment Trust Co l td .

FKI Building, 1-124 Yokfodoag. Seted. Korea
NAV Marti 20 (WOn 10370) I US$15 17)

Lazard Brothers ft Ca (Jersey) Ltd.

P.0. Box 10^ SL Heller, Jersey, C.l. 0534 37361

Lloyds Bfc. (C.I.) U/T Mgrs.

P.0 Box 195 . SlHettier, Jersey. 053427561
UtgthTsLOVss — 175.5 803d .. -1 176

Lloyds Trust Gnt -Zj&M .^kAU ... . I 13J2
■ Next rearing date Marti 3L

Uoytb Baric International, Genera
P.0. Box 438. 1211 Genera 11 fSwtoertandl

HSKSS SdHfUd a

Lloyds Baric International, Guernsey
P.a Box 136, Guernsey, Ouonel Islands.

-

Louis Dreyfus Co m modit y Fktnd
c» Trustee, P-0. Box 2092, Caiman Islands..
Mar. 19. Value per Ural US$5,062.73

M ft G Gtoiot

Three Days, Tower HIBEC3R68a 01-6264588
AltaKlc &. Marti 23^(f "

AustrafoTlx. Starch 24)

GoW Ex. Marti 24...,
r Atom. Units) — ._

Istsri.-.

t Accum Unta)_ _.|

M ar agement Internxtiotiid Ltd.

Bk. of Bernnu Bldg., Bermuda. 809-295-4000

BA. lid. Bd. Fd Cap! U!

Be. InU. Bd. Fd. Incl U
"i 19. M

_J->LUL|

Tokyo Pacific Holdings N.V.
inti mb Ma ra gwraw Co. N.V., Creacao.

NAV per dare Much 23. USS75.43.

Tokyo Pacific Mdgs. (Seaboard) N.V.
Inthnh Manaaemem Ca N.V., Curacao.

NAV per share Math 21 USS55JM.

Tyndall Group
2 New St, St Hcfler.JerHy-

to^CTo"itocii' __

(Accum. stares)--... 159J 169

Far Eastern Mart 26. . 1294 U&

(Accum. shares' 137.8 147

Jersey Fcl Marti 24.052 W

(Nbi-J.Acc. Uts.)... . 244.0 _ar

Gih Fd. Marti 24 — WL6
Itoun. auras' 12054

(Accum Shares) ___ 137.4
Managed Mar 18 —
feumy Maria — ......

W Interet Star 16

' rMarlB I

Ind. Mr 18.

NL a Tyrrefi ft Co. (Jersey) Ltd.

P.a Box 426. SL Helier, Jersey, C.l.

Ortac 1 - ussmaj -

la'rg^narfeiEs? tja -

saiflW 6 -? 1

1 I _ rrondui joic

iBr «.zz

E:£pS-.Att
Money Pen. Ca* _

Pmp Ppo Act POT 5

Prices are to L* Series Mart. afi-Pe^ens Start 23.

Scottish A riaM e Investments.

P.0. Box 25. Coigtoroi SririkS- 07863141

Vanbrugh Pensions Limited
41-43, Itortdox Ufo, W1R9LA 01-499 4923
Manigeri

Indpx Linked GW

Guaranteed

1L$2

ComhOI Insurance Ca LW.

32, CornhHI, E.C3.

msmm

01-6265410

itaBtr

cc

ssas?s f ±

Jtelb

me&z?

ete

Irish Ufe AiiimIim Ca Ud -
Baslten Houre 7/11 Moorgat*, HZ 0M06 04OZ

MWttpte Health and Ufe Anar. Ca Ltd.

HiEzis E lElE

ns*

titans

. mu

"^"^■zzr^

— Index Linked GUI

. h nt x
BdRSx

Windsor Life Assur. Ca Ltd.

Royal Afoert Use, Sheet Sl, Whxtsor 68144
InrastorlMts-.— _.IUB.4 U4MI . .../ -
Acnxn. Pen. UnrtS-.-lU?.7 17831 . ...J —
Flex. lira. Growth 0210 12741 J —

NEL Pensions Lid. H
| MOteo Court, Ootlda^ Surrey.

Ne |ei t gto Jnc^g.

Nriex kLFxrilrt. M

aiasHMS-gi!

Managed 1103 1362

ExenuL&i. ink.

E*ww' i srisc

0306887766 «J

E»ht*L Prop. IniL .

Do. Aeon.

ExEfKX Cash bsL _

DaAccum. - _

gOTgtea.hdL — 1|

Scottish Mutual Asswnce Society
lD9SLWnecKSL, Glasgow 04M4863Z1

Fi«&dMOTito=-BH Si4i :r j -

Futun^Aipd&owth -p

£3224

— J - fe"-

Iton tee. dte Aprrt 25.

Crescent Ufe Assurance Co. Ltt_
l4^?Bridge Sheet, K4V 6AU D1-K3B93J

UanfiMAftet pOM ,r

Managed Ihl —

UK Etefity— box'

Tokyo ... .

American-,.,
intertoimai. .

Rewrras.

High DntrSiuWo..

Capital.

NPI Panshms Mauayumsn t Ltd.
48Gcaoedwd>SL, E33P3HH. 01634200

King ft Shaxcot PLC

52 CoreML EC3. 01-6235433

5orafeSonOT--.lE83.42 84,961+1701 -

01-2035211

SSSw-israrlBr =

New Zealand hs. Co. (UK) UdL
MaHUfldHtxn^ Southend SSI 2JS 070262955
Khri Key In. PUn —I
UK Equity.

American.,

Scottish Widows 1 Broun
PO 8tec 902, EdbdwOT EH16 SBU 031-655 6000
lm. POL 1 Marti 19 .0647 164.7]

liw. PpL 2 Storti 19 .BH.?

I nr. cam Marti 19-
MJxed Fund

SSaSELaz""

wmnynH* *

tatenaUnnalFand —

Fixed hv. Fuol

Cato Fax) ^

fens. Fid. W. Fd CW
CashFd.OrtL_

U.MwtU17

U. Inc. Mart 17 ,

Do.p^W^ KtSrt\22.

Da Pm. Fjl M«rtJ22 ,
i rS, MAlUi 18.

OFFSHORE &
OVERSEAS FUNDS

Aifig Investment

Poster* TOR 8000 1, ^^» 269

Albany Fund Management Limited

P.0. Box 73, Sl HeAer, Jersey. 0534 73933
A* 5 ** s f± 236

Far AtaMer Pud He Llcytfc Bank Inri. Gransey.

“ ASen Harvey ft Ross htv. MgL (C.I.)

Z 1 Charing Cross, SL Heller, J^,C.I. 0534-73741

Eurotax Investments Ltd.

MSAML 072733166
Eunxox inv. Find —1104.7 11031 J —

F ft C MgmL Ltd. Inv. Advisers
L Lteuence Poonttey HJU, EC4. 01-6234680
F£C Atlantic FlLSA. I 1^9*0 [+04S

F.&C. Oriental FBL_. USSU.19 +0J4 058
Pnces torch 26. WWdy deafufe

FWefity International.

BQueeraway Houra. Owen Sl, Sl H^r^

AaericanVaaCom *.

Australia

DctiarSaxnras Trust _

Far Ea g..— ;

IneernatfcsOT

Pacific J .

World

Gilt Fried

Pries on Ntardi 19. Next dealing

MkSanri Bank TsL Cora (Jmqr) Ltd.
28-34. HHISL.SL Helier, Jersey. 053436281

Samuel Montagu Ldn. Agents

Union- 1 nvastmoit-GesaRKiicft mbH
Posdadi 16767, D 6000 Frankfurt 16.

^ 48

Urirtrta 1DU3532 364^ ■ . n

114, OH Broad SL, EC2.

01-5886464

252

0.34

187

WH&HE*

^aca

V.CJL Financial Management Ltd.

42. r sex Street, London. WC2. 01-3536845
PaaAmer. 0’s Fd — .IUSS52B - J ..J -
For van Crtsera & Assoc, we v.CA FrardaL

Vanbrugh Fund MngmL IntL Ltd.

2S-34 Hill St, St Hefier. Jersey- 0534 36281
Uartough CWreocy FdplOO 13025 - -J 949

L75

627

Pnces at Febnovy

Fleming Japan Fund SJL

37, roe Notre-DMe, Unenaxxwg

Fterrang March 23 — I USS4556 I .. J —

Frankfurt Trust l u w satii K ut Cn d il l
WteSOTBU L 06000 Frenkfut

BSASTfe^lSSS Si5i8SI z

Ffee World Fluid Ltd.

Satterfield Bldg, Hand Hon , Bemuda.

NAV Feb 28 | US$147.42 [ .| -

GL T. Management (U.K.) Ltd.

leMBUr

W..K9 n

+ 0.1

Alliance International DoBar Reserves '

BO S !&8881

Qsnwni Marti 17 10000371) il43% pa)

Ancttr Ibl Fd ...

Berry Pat RL.

S.T. AiKiratta

G.T.AsBaBGrewbFa

Minerals, Otis Res. Shrs. Fd. Inc.

P O. Box 194, Sl Hefier. Jersey. 0534 27441
MORES Marti 25 ...IUSS9B3 9511 .... J —

Murray, Johnstone (Inv. Adviser)

UO, Hope SL, Glasgow, C Z 041-221 5521

HopeSl MarchlS... I
Murray Fd. Marti 15
Pacific Fund Feb 28 _|

Nat Westminster Jersey Fd- Mgn. Ltd.
23)25 Broad Sl,Sl Helier, Jersey. 053470041

ESS#

■Si*, day nary Thai.

Negit SJL

10a Booh raid Royal, Uxetrtoxn

NAV Fete 19. IUSS920 - I ... I -

N.EX. International Ltd.

PJ). Box 119, Sl Peter Port. Guernsey, C.l.

tSMagsKT"

sewsasd

lotiri. Managed

Pacific Basin Fond

10a Boulevard Royal, LuxeMxxag.

NAV._ USU6.31 J-OOBI • -

Irw. A*.. MAG. lm. MngL, Ltd. London.

Phoenb International
PO Bo* 77. Sl Peter Pen, Goern.

BS8MS.-J

[Ml. Currency Find...

Dollar POT. Iix Fund.

Ster. ExotOTGiH Fd.

Providence Capitol Ufe Ass. (C.L)

PO Box 121, St Peter Pun. Guernsey 0481 26726)9
Slerlrnfl Bond fe. H6-9 49.

Irani &OTF?„Z.W* Lf

Ind Equity Fd MS 1.L,

Pries at Mart 24. Next dHUreltona 3L

S. G. W artro rg ft Ca Ltd.

30, Gresham Street, EC2. 01-6004555

Bd z

Warburg Invest MngL Jrsy- Ltd.

7 Ubraiy Rto.S. Heller, Jsy. Cl 053437217
Men. Cm. MMiZ3..r
Mer FarTl Mar 241.. I
Metals TsL MarchlB

SMTUd.M*OT25..lC0
Merc. Tran. Hart 19. ~

WhnBey Inve s t m ent Services LbL,

4th Floor, Hutchison House, Hong Kong
Wanttey Trust IWCOUS 25.4“'

^ssB t , S^Si

Wardtey Japan Trust. p

World WMe Growth Managenentft
IDA Boulevant Royal, Luxembourg

"■ftM it

SS 3 ”""* 5^25015

Wreo Con*T«L Tsj. _l£Q.e> 4LB I 6M0

Chinese Fwd___ 767 79T 1

Precious MeOT Ftmd. 1&.4 194 «

Vanguard Cirxly.Fd 47i

FuanoM Futures Fd. .. 107.5 1114

When Irtl. Fed. ' USS0956 Q.9H

048126741

NOTES

Prices are in pence uflfess otherwise uxbaied.
VMds % (shteMi in tea cutianal allow for all buykw
maen5ev a Offered prices include ah expenses,
b Ttafcy's prices, t VieM bated On offer price,
d EsUmaied. g Today's opening me.
h Dtstritadion free of UK tares p Periodic
prawn bwaw plans, s Single jawnhan
kSuntKe. x Offered pnee InekdK ail expenses
except agent's con«res5ion.y OOered pnee iockxtes

tt Onto aradtole to charttaMe bodies.

V. • - • ■ ■ - r , .--s&

GILTS

^^thmk v

;c&nothmg else •"•,

Ailm Harv^-& Ross Gib Thist.

Alien Htfrvry & Ram Lm Tnw *.(#■«. pkLtd-
45 £-«*$. LrjtVi r EC -V JP£ Z-^me nt r.:.< - -’i

FT SHARE INFORMATION SERVICE

Financial Times Saturday March 27 1982

FOOD, G ROC ER1 ES^-Cont.

.M.I « I m, M ft WEI

<m, ffi :
SSI; FFIfl
77 Do.
B2 1 , Do
TS Do.

1W1JJ
*9* Low

BRITISH FUNDS

■ fr 1

ENGINEERS G— Continued

tr « i-MswKi

MSUK |

m> Lb- !

1 301; Pte-Brilhh UljB.|

9
13

44 [Austin (James)

n

P*t |+ #r( mu

£ — M. | Sfl

‘Shorts" (Lives up to Five Years)

272
1*5
37
180

G uinn es s Pea: ~) 73
Hambm 5p ..... 1 123

Kill Samuel 1 1*8

Mon*Shn*S250l 138

230
86
228
430

36
70
14
13.76
.02 13.41
.60 13.65
.90 13.88
.47 1339
.72 13.74
1333
U
13
12
13
13
U

120
235 1160
44 28

164 [105
298

28
120

Greene Klt «9 l 292

78
77
158
47

46Q>d
72
2X2
54
49
13*
99
192
245
195

41 24

37 20

£1A 775
179 49

77 45

178 12*

18* 108
102 42

176 98

56 29

3* 23

187 152
49 28

164 98

192 53

91 56

230 138
1W 66
98 37

187 115
29 14

146 60

3b 7
•nia 43
28 18
126 107
110 45

142 86

63 44

80 44

241, 8

106 54

513 367
513 355
49 19

145 105
006 £36
175 98

*117 86
24 16

29 16

122 84

t»MN*7‘V)

1«
68
110
85
56

87 15*
166 69

178 ! 88

29

109 38

64 32

25 16

100 51

82 39

•921; 47

30 18
165 115

48 24

1 22

101
295
ID**

*

O I £*h

161 64 i

52 341* iHotias Grp 5o...

162 91 |Hon« Ctam lOp

183 117 [Mouse of Fraser

103 62 i

n* 76

210 107
144 128
82 70

70 46
154 107
330 7—
249 Ur
172 82
190 135
82 47
160 76
268 106
*62 27
138 70
385 132

94 43

151* 10 jS&UaanlZfi.

Paradise (B)

61
26
80

55 | WAfter (Jas.)

55 |

166 128
156 I V
52
130
33

51
<o
57 38

37 26

66 38

305 180
34 22

100 42

355

25
10
16

ft

A

tt
13
■196 [133
631* 381,

130 83

21 17

60 29

125 42

113 35

215 88

laytofl Son 93p

Hjmpvxi 5p —
Hawker Sid...-.
38 Hill & Smith—..
63 HooktnscrsSOp
13 Howard Macby.
118 Ho-den Crotio .

82
28
65
14
60

- 60

101 34

U 28

— 441
9.6 IS

— 141

Si 350

Sc 278
_ 127
51 53

m in

m m

—

95
28
15ij
IQ

17

18

291* [Lloyd (F.H.)..
LKker rT)5p

B

H
60
41
SO

80 50

S| «■ ft

B » E

*194 1201*
5N 38

B* HO
134 84

255 170
248 151
151* 7

103
200
£80

52 I 34

5

174 +2

a -1
288 *2
n -l
166 +2
164
132
%

60
121

Meyer (Mott. L-) I 68
6M

jF

25
64

j 220

183

£75
122
177

40

317 I
94 I
174

41
43
St
26

474
540
325

208
*350
87 27

78 13

224 146
34 20

251 191
330 76

(71) 250

52 *41 17

6-5 58 15

(27 77 60 34

- *100 59

56 93 55

316 21

7.7 16

5*7 I

fltll 205

- 163
56

120
149
374
400
650
199
698
55
*9h
139
4 3 IBS

- 857

53 253

- 48

(32) 41

- ZD*

♦ 100
(Ml 375
.6.8 247

310

62

S ?{
210 126
(4 32

120 43

33 22

60 231*

94 471,

7X2 122
67 2fl

61 40

52i, 34
26 1191,

436 1270

S ,55

TJ6.0 3J
513.31 |.<
2138

10.9

*

- £51
7.4 512
9J 151
7.7 230
220

+273 1 b
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m

137
•241,

46
£93
£92), | £79
133 95

18 131

84 32

142 98

295 112
72 36

245 137

275

87
9

228
165

55
£31

050
62
21

£50
495
73
200
200
373
25

75 -3
373 -5
225 ...

95
308
161
85
765
93
515

56

51
50

333
420
UP,!
122

UnftectilOp.....| 238 |

UU. Scientific..! 320s j
70
112
100
18
42
116
220
134

ItSUtt ( (

H* Lm | SO I

•190 142 M M9|

CIJ6 fWVSafowAy $«*« <
585 330
39 : , 16
&? 75

42 20

220 128
32

tW l<*IM8r-»[«

.!*?2| 7.a ?t

5.25
10
225
104
0.75
3.0 U
64 L
425 1

10.75 2:
35 Z
LO

25 |BAyrcated a EnB.

Bool (Henry) 50p

171
64 24

72 37

167 110

T 2 *

40
18

Brooks WM.20p
Brow" Bov. Kent

10

2&
85
68

£131,
26

OufwBftom.lOpI 40
Dundonian20p.| 66
DuittHHUgs— 258

Duple lm ..j 49

ID

h5.9I U

10.0 rfu

165 2.7

75 23

S3
55

52 25 io

297 163
*13 lb
76 42

.50 25

199 12) Adwest Group.
70 36 Allen W.G ._.

10* 67 - Andsn. S'dvde

300 US Ash & Lacy. —

0.01 — —

9.0 33 4 8

a 7 :S “ fl
Si fill

44
210
131
280
232 1*5
106 90

50 101,

86 57

*129 34
Z35 98

168 92

320 75

86 60
114 46

*260
*57 37

197 123
80 55

7X2 145
210 90

96 8Zl>
176 87

B4 35
270 165
*191 125
154 96

14 9

83 27

54 38

71 43

13

. H

100

. 75
DndKK&F*9K..I 35
Clifford Dairies. I 200
Do. "A” N/V ., 1 130
235
»

■f.

j? mancial Times Saturday March 27 1982

INDUSTRIALSr^-Continued

W . .ur-iawai. jpl

: -M.SHK6! l« |-4 |tOnc| 5.9] 85 U |S

LEI SU RE — Continued

PROPERTY — Continued

75 I 55
37

Kelsey bids

KemstfrSm .100

MagmKaG

f? iS

*£ S

75 64

31

Stock j prfa

iaeButslOp | 40
32

e

| + -"| St IffwIKIw

2 IdLO 1 — I 35|-

1901/82

K* Lev

W- T-1 &

148
216
72
12
238
50
*84

S'.

*8 41

— 125

— 179

— 310

H 8
■H 8

9.4 n%

ZVJL

255
451 31

VI

-1 8* |p»|S|lVE j

2 ItlBBl

INVESTMENT TRUSTS-Cont. OIL AND GAS— Continued

| Stack | Price | + -"| W Ipw[E£ | Sick | Pin |*-"| St |pw|£*|we

9 [Equity Cars'! £1
Do.

Eon!

F.

F.

Ff

F#

Fi
n

55' Fc
81 F.U.G.I.T.CR02S)

45 Fidentffl Inc

3 Do. Cm
38% FundUms Inc —
86
66

I LOI 9.2
15 $5

15 ai

16 45

I 94

L45 13 41 £233?

64 4 8.4 1 99

4.05 15 55

21B 15 53

2.04 10 46

Q14c 4 6.6
46 10 14.6 | 20

— — 42

10 14.61 70

Z0.75 — 15
t45 11 212

♦955 13 5.9
6.4 U 75
8.0 ID 4.1

162 1+2 [2.75 |
25

MINES — Continued

Central African

SHIPPING

feed Exec life.
Reed Inti. El—.
RetyonPBWS-

TT

Hi rove-.
Potts.—
toHMD
urnHwe - 1 w
85

(ait x gg
» a

79 54

7.9 75

45

mu
37
203
67
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30

67 !72
** 240
“ 58

“ 61

“ 47

t|

F.

w

95 47

11 % 73?
72 34

116 63

46 16

■? 115 83
ni *87% 57

JS 3 s 5

3 I

i 51 30

106 55

132 I 60

lTl 39 21

87% 56
124 81

7i 59 35

J 1 I*? 10
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SZ 203 67

H 67 34

5 - 9 94 56

— 90 54

27

T N

<¥5 3«

2r 293
A IB

^ £

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ff 5 193
ES 523

Sq U8

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220 ? 2 ±

■

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H IS

4.4 JJ3

To 315

R

99 315

$ S

M 480
” 225
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rd5p_ 20

«

85
173

52

11 7
193

Hi 108
_ 88
{B7) 177

V s

UJ ™
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75 a
145

- I 18
(229 1 101

555
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J \9

‘415

ll

631; 56
132 72

148 75

841? 48
65 30

192 120

63 32 JCampm Int-ZOp.

Land Invest—
Land Sec. £1_
DoJffl6Cow. , 95
Lend Lease 50c

SHOES AND LEATHERS

Iins.. I 76 1+2 IdSJMI 161

I -T*r‘-*i

Lake vi
Lane. &
Law Del
LazardS
Letialn
Do. Ct
Lon.AU
Lon.&C
Lock). &
Lon. & I
Lotl.&l
Lon. & I
Lon.&l
99 [Lon. Pn
67 lL«k&!
64
73

2.4 84 641

S 79 I 62

13 75

if &

5.0. a

229
112
302
25
35
60
47

= i «

«M =S

Murray ClrfMdaic

fen

mi

3
28
49

£65% I Do. 7% Deb 82/7
18 Cmrther{J3-
91 iDawson Inti

52 j. |3.77

47 352

19%' 1

13
61

82 60
27% 28
30 13

31% 12
131 55

95 50

28 14
67% 25

29 16
10 % 6
58 18%

19 n
55 2Z%

S 14%

125 64

71 31

39 22

116 55

22
275
42

12 [ 4 |Youghal

Carpets It*.

TOBACCOS

440 ISO IBAT Inds 400 |-5 |tl9.0 I U U

93 52% Imperial 92 -% 7.2S lS113

86 | 38 |Rmhmansl2%p..J 76 J-l 1 13.65 | 3.7} 6-9

TRUSTS, FINANCE, LAND

Investment Trusts

148
133
£50%

506
£54%

!S

69
166
112
169
159
302
90
158
242
184
115

119
90
68

257
121
750
156
173
212
127
246
37

120

$

*8
151
126% 92

111 96
203 135

92 67

112 82
86 —

416
90
78%

470 3tH
53 4fl
285 173
430 255
*B3 36

227 22

220 125

490 120
101
£99
157
230
332
537
285
31
490
490
142
15B

H!

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T.‘|

Do. capital

Ambrose Inv. Inc.

i

w

&

SC

If/% i

b

Child Health £L
Ctty&Com. he.

E m »

6.0 MS

05

8.4 193

7.1

6.0

1| 2^
5.4 81

17.5

m

42391 L6j

41 13.4
01 7.7

♦ 3.7
025c 11 95
4063 08 4

35-16
060c <> 58

40310c 11 4

* 5i

98 47

180 65

70
195
413

£ ?? 2

U

51 LO
65 10

4.4 L0
115 U

«

U tt
JSP. 9
3 ii a

915 U

M25 18
0.4 4

7.7
55
4 J

S9 ip

&0I 103

58 ^

a a

45 92

5.4 71%

62 76%
23

133 171
65| 85

143 ire
— 16

NZ 2 13 4.0

295 10 6.0

75 0.9 62

5.92 4> 7.6

raft Imr

265 D.40

55

•65 140.1

— o

SO 143
143 *S 4

— *£100
83

■t?

ac s

75

Cl

K)
40
£68
180
196
33

719
120
a
so

370
26
60
23

lJ

63

136 »

- £16

- £79

&3 4g

7.5 * 331 ?

a

6-0 104 I 78

S-f 41 23

05 86 48

100 ’

NOTES

Unless otherwise inhaled, prices and oh amends ate In peace
denominations are 25p. Estimated price/earninoi ratios and covers are
tned on hues anna] reports and a ixnwr and. where possible, are
tod ateri on tafryurif Ngures. P/El are calculated «t “net"
itslrifaotion basis, earnlngi per state being computed on prafll tater
75 taxation ml umHleved ACT where applicable; bracketed figures

52 Indicate 10 per cent or more difference if calculated on “nB"
5.1 dtstritarino. Comrs are based on “raaxtaW dbtributton; this

53 cospires gross dhideod costs to preflt after taxation, ecchMfiog

4 R exceptxxul proftsl tosses but inefudinp estimated extent of oHsetable

5 0 ACT. Yieidi are bused on middle prices, are press, adkutad to ACT of
3D per cent and ail»nr for nine of declared dts t ritaittco and rights.

• "Tup" Stock.

* Highs and Lows marked tta haw beeo adhaudu allow for rights
issues for cash.

t Interim since Increased or restated.
t Interim since restated, passed or deterred,
it Tan-free to rawtsideats on appliatlaa.

• Figures or report awaked.

f USM; not listed on Stack Exchange ami company not subjected to
same degree of remdation as lined securities,
tt Dealt in under Rule 163/2K*); not listed on any Stock Exchange
and not added to any listing requirements.

JT Dealt in under Rule 1630).
tt Price at rime of sospensma.

f Indicated dhrtdrra after pending scrip and/or rights Issue: cower
relates Id prrrioos dividend or forecast.

♦ Merger bid or reorganisation in prapea-
4 No: comparable.

♦ Same interim: reduced final and/or reduced camingi imfiated.
y Forecast dividend; cover on earnings updated by latest iotarim

statement

t Cover allows lor conversion of shares not now ranking for d ividends
or ranking only tar restricted dMdmd.
ft Cover does not allow tar shares wMdi may Hso rank far dividend at
a future date. No P/E ratio irealty provided.

II No par value.

V DMdmd corer in excess of 100 times.
if Yield based on assuaqxioo Treasury BID Rate stays unchanged ootH
matwltjr of stock, a Tax free, h Flgwes based on prospectus or other
official eslimaie. e Cents, d DMdeod rate paU or pajabteonpartof
capital caver based on dlvtdeod on fun capital, r Re dewpMoo jneld.
I Flat yield, g Assumed dMdtod and yield, h Assumed dividend and
yield after scrip issue. J Payment from capital soorees. k Kenya,
m interim higher than previous total. nRtfds issue pewug.
q Earnings based on preUmtnary figures, s Dividend and yield exdude a
special payment t Inflated dividend: cover relates to prevkws
dividend, P/E ratio based on latest annual earnings, u Forecast
rivMeod: cover based on previous yeart earnings, v Tax free up to 30o
in the £. y Dhfdend aod yield based on merger terms, x OfvMeod and
yield indude a special payment: Cover dees not apply tt special
payment A Net tflvidend and yML B P re f eren ce dfodend passed or
deterred. C Canadian. E MMnum tender price. F Dividend and
yield based on prospectus or other official eubnata tar
19B3-84. G Assaaed dividend and yield after pending scrip and/or
rights hove. H Dividend and yMd based oo prospectus or other official
estfa a t e s lor 1962. K Rgues based on prospectus or other official
ett'mtatei tar 1981-62 M Dividend and yield based on prospectus or

! other official estimates tar 1W3. N Dhddeod and yield based on
± prospectus or other offidii estimates for 1982-83. P Flgwtf based an
7 prospectus or other official estimates (or 1982 B Gross. T Figures
— assumed. Z Dividend total to date.

X Abbreviations; d ex dividend; m ex scrip issoe: r ex rigMK ■ ex
IH all; d ex capital diBribution.

Pres. Brand 50c
Pres. SteynSOc.
St Heferu Rl—

7 % 543
_ 30

43 02^
5L5 f46

6-9

- 134

- 458

as s%.

m

Racmt tones" and “Rjghh" Page 24

TMs «r*iet is mAlfe to mry Coimr darit in on Stack
Entagts ttmn&Diit the Unfed Kmgdon for a fee af £600
per awn tar each sesarity

•1

FINANCIAL TIMES

SSStaS?

Hampshire SP 10 3SD - T* 0264 643™

Saturday March 27 1982

MAN IN IKE NEWS

Not a cop
to give up
easily

Chloride threatens legal
action oyer lost BL deal

BY ARTHUR SMITH, MIDLAND CORRESPONDENT

BL CARS yesterday awarded deal was its ability to provide Lucas’ success on the bat-

Luca? the sole contract io supply a complete range, of electrical teries contract has gTcaler

500.000 batteries' a year to its systems. Lucas already supplies significance because of the

volume car operation. components such as starter advantage it will now have in

The* decision ■ brought motors, alternators, and light- trying io sell its engine manage-

immediate protest and a threat mg equipment.

of legal action from Chloride, Chloride said

Brezhnev
overture
rebuffed
by China

Bjr Tony Walker in Peking

raent systems, where it has de-

BY BRENDAN KEENAN

IT IS APPROPRIATE that the
appointment of Sir Kenneth

of legal action from Chloride, Chloride said it believed the veloped Che use of microchip
the other major UK vehicle Lucas quotation was linked to technology to control energy'
battery producer, which had a pricing policy covering a com- consumption,
tendered for the work. plete package of electrical Chloride said the loss of the

The contract had previously equipment. The company felt it BL contract would affect its
been split between the two had lost the contract on this battery plant at Dagenham

Newman as Commissioner of companies. BL's decision to give basis.

employs about 750

the Metropolitan Police has 1116 work t0 Lucas is part of Chloride said: “ If this is the workers, but it was premature

been announced at a time when , * s . new Policy to cut costs by case, it appears to us to be to forecast the employment
the last force he headed, the “S' 0 ?-. where possible, only one unfair competition, and wc are consequences. The company

Royal Ulster Const abul ary. is supplier for each component. seeking advice

decide was already exploring alterna-

en joying unprecedented ‘ sue- The contract was important whether we have any legal live opportunities.

cesses. If today's RUC is the I 10 botb companies. Lucas had redress against Lucas."

contract

creation of any one man it is warned senior managers that Lucas was quick to answer thought to represent about
- ■ - — — - 1 loss of the work would threaten Chloride’s “ w - = — — • '

that of Sir Kenneth.

■ „r the future of its Birmingham refute absolutely

.J* battery plant and its 1.300- gestion that we

statement: “We 5 per cent of output from
lutely the sug- Chloride’s Dagenham factory.

when he moved to Belfast as
Deputv Chief Constable in 1973.
The RUC had not previously

strong work force.

presented a Sir Michael Edwardes. BL

complete commercial package chairman, who was recruited

BL said the two companies covering both batteries and from Chloride, played no part

been on the circuit nf fnrS had Emitted similar quota- electrical equipment. Our bid in the derision. Sir Michael is
ucsril un me CTTUm OI torces .in,,,

for sprrinr n« ft. ^ dons for • * he contracl - for the business was based on still non-executive deputy chair-

jor semor omcers on the way main reason Lucas. ^ ^ batteries alone." man of Chloride.

fo the top

Even then he was tipped as a
future head of the “Met" as
well as being favourite for RUC
Chief Constable, a post he
achieved in 3976. There was
some surprise that he did not
get the Metmnolitan job last
rime but Sir Kenneth is not a
m-’n who gives up easily.

■He is slisht. reserved, with
almost a scholarly air. He does
rmt have what might be called
the common touch, but the
reserve conceals more than a
hint of steel.

Lucas seeks European boost

BY ARTHUR SMITH

LUCAS Electrical is looking for ticularly from Japan, the two to the automotive sector. The
financial backing from both the companies have a number of aim is to reduce dramatically
British and French govern- joint studies for product the product range — probably
meats .for a joint project with design and manufacturing. by a factor of 10 — -and io seek

Ducellier. its French associate The advantage of a joint European customers.

company, to increase sales in s ^ate

Europe.

Ducellier

project

European

assemblers

the access it seem prepared to accept ration-

Lucas has told shop stewards -would give to the French alisation and common compon-

Ulstcr noljticiars wd police- at „ its , j oss ' n ! ala 'ps . starter market. French assemblers ents in pursuit of lower prices,
men sneak cf the sneerf a-d I ^°* Qr ^ Birmm S han }’ clearly prefer to buy locally. Assemblers have indicated to

ifd-x. 1.1 mr au-f-n a-a that all T Alin inhc ritlr J •» V ■ I.

determination with which Si- Z n 311 > , ^ ■ 3t nSK Car and commercia l vehicle components suppliers where

Kenneth sorted out problems of Sf*??*® pro c£ tlQn runs ; production in France last year they are prepared to . continue

performance or discipline in anv
of his stations. He also proved

oerause or iow production runs, production in France last year they are prepared to . continue
It nas called for a 50 per cent totalled more than 3m units buying from local sources, pro-
improvement m productivity. against less than 1.9m in the vided they can get wilhin 20

improvement in productivity. a gai
But the main hope for the UK.
plant’s future would be a deal _
with Ducellier to increase the „ 1

per cent of Japanese prices.
Lucas has stressed its com-

with Ducellier to increase the The Project could qualify for Lucas has stressed its corn-
volume of output Lucas holds financial assistance from both mitmenr’to UK manufacture in
a 50 per cent stake in the tbe and French govern- talks with Birmingham union

French company Lad has man- ments - Any aid could clearly officials. The link with Franc?
agement control bc a fact0T in lhe balance of is seen as a move to break into

°Lucas plans to introduce a j° bs created between the UK new markets and create volume

range of lightweight starter aDd France.

production.

Union officials, while acknow-

motors which offer fuel econo- Lucas, faced' by the erosion Union officials, while acknow-
mies. It sees Ducellier as a way in recent years of the UK ledgin? the argument remain

to gain economies of scale. vehicle assembly industry, is suspicious. However, they see

In the face of serious inter- looking at the full range of little alternative but to co-

national competition, par- electrical components supplied operate to save jobs.

national competition.

BL and BSC try to end price row

i and standards, we have never

BY HAZB. DUFFY, INDUSTRIAL CORRESPONDENT

INTENSIVE EFFORTS

The Government is being told a Commons select corn-

tried to interfere in the
internal life of the People's
Republic of China," Mr
Brezhnev said.

U.S. Interference in China’s

being made by the British Steel kept informed

progress mittee it was buying 369,000 ! Internal affairs by continuing

Corporation and BL to settle a ’because aoy break in BSC’s tonnes of sheet steel and 84.000 ! arms sales to Taiwan is the
three-month dispdte on prices pricing structure might have tonnes of steel bar. and billet charge Peking is levelling at

Sir Kenneth Newman

in which BL has refused to pay implications for the European a year from BSC.

steel price increases imposed Commission's policy of secur- Although the quantities j

earlier this year. ing higher prices throughout would be less today, BL re- 1

Washington in the continuing'
dispute over Taiwan.

• Deng Xiaoping. Com-

BL, a major customer of BSC. the EEC steel industry. This mains a vital customer in the ' mnnist Party rice chairman,
is continuing to pay BSC at policy has the full support of market for sheet steel in par- j warned that China will take
-.no, — : — »- -* -*•- n — ticular. which is critical to — ■*— 5 —

himseif a tough political fighter 1981 v P rices - neariy rhree ** MtWi Government

during one of the most difficult “ontha after BSC made most Both BL and BSC have cer- BSC’s South Wales operations.

periods for the Northern Ire- *** products 10 to 15 per cent tain strengths in the stances On January 3, BSC raised its
r - - - 1 dearer. The result has been a they are taking. For ’as long basis prices of hot rolled coil

land security forces.

This involved attempts to substantial revenue loss for as

. * 1 Tl O O • A . TOT xIm

diplomatic action — meaning
presumably that it is pre-
pared to downgrade relations
with ‘the U.S. — if the disagree-

European pricing by £19.50 _ to £193 a tonne, and : nient over arms sales to

cold reduced coil by £21 to I Taiwan is not resolved satis-

restore RUC “primaev” in BSC: Austin Rover, the BL structure is seen to be holding, cold reduced coil by £21 to I Taiwan i

Northern Ireland Fir Kenneth division which makes all cars however precariously. BL is £242 a tonne. Prices of some factorily.

had first to resist’ Northern Ire- except Jaguars, bought stout unlikely to be able to obtain other steel products rose 15 [

land Office pressure to replace £6C ’ m worth of steel from its steel more cheaply from the per cent. j

soddiers with policemen before fellow state-owned corporation Continent Tbe ‘ Steel Consumers’ Coua- j

The Steel Consumers' Coun-

he felt his force was ready.
Later, when it was ready, he

last year.

Unlike Ford, BL has tradi- cil says the new list prices are

Efforts to resolve the dispute tionally bought British steel “ largely being maintained " in

Weather

• had ti fight Army opposition to bave included meetings and does not deal with other spite

the downgrading of its role.

In the end. Sir Kenneth won

between Sir Michael Edwardes. suppliers.

rumblings

various users. Mr MacGregor UK TODAY

chairman of BL, and Mr Ian BSC, on the other hand, is has said the return of BSC to mainly drv 111(1 sunny Foe

n ■ nM aC D CP fidviAiie tiM f n ■** 1 Art O- nmAMhilitv on tha ■ * * ®

patches near coastal areas.

both battles and there is no MacGregor, chairman of BSC, anxious not to provoke a long- profitability depended on the —

dSubt todS about who u to 15 weU « talks between the term switch to another sup- maintenance of such prices. 1

charge of Ulster security It is commercial management of the plier by such an important which BSC describes as N '?r

ShfSiki J two state-owned bodies. customer. Six years ago. BL “fair." Mainly dry. Variable

the police. IWO siaie-ownea oouica.

Sir Kenneth restored the RUC ~

role, not only with an increase p on tiniipd from Paee 1

in nexsnrmel and pniiinmpnt. bur L<ailU£lUeu IXUIli JTdge i

in personnel and equipment, but
with a complete overhaul of the
entire structure of the force.
Many say that this is what he
is best at: policy and administra-
tion.

He introduced regional crime
squads and supplemented the
traditional activities o! the
Special Branch with a more
scientific criminal intelligence
unit. He increased the reaction-
time of the force with the estab-
lishment of highly mobile and
trained special patrol groups

It can no longer he said that
experience of Ulster conditions
has no relevance to policing on
the mainland. The RUC ha.s had
to become masters of ’’ respon-
sive policing ’’—going to where
the trouble is and keeping it to
a : minimum. .Clearly, there are
now areas of London, and else-
where. where the same lessons
can come in useful.

It would be a lucky man who
survived a period as RUC chief
without some .controversy and
for Sir Kenneth it was the
question of interrogation
techniques- at Castlereagh hold-
ing centre outside Belfast.
Repeat^ allegations of ill
treatment led eventually io
public complaints, from official
police doctors, and to the
Bennett Report of 1979 which
found evidence of ill treatment
of suspects.

Hillhead victory
delights Jenkins

Continued from Page 1

Sanctions

reported that when Nigerian

Mainly dry. Variable cloud.
Warm. Max 13C ( 55 F).

Isle of Man, Lake District, S.W„
Cent. N. Scotland, Orkney, Shet-
land, N. Ireland

Cloudy. Sunny intervals.
Drizzle in places. Max IOC
(50F).

production was running at about i Rest of UK

1.5m b/d the sdx leading com-
panies were involved In the

government would not have
such autocratic powers vested
in the hands of the Prime
Minister as bad been the case
with recent governments.

But both parties had agreed
it would be wrong to go into
the next election leaving the
identity of the Alliance prime
minister in doubt or open to
the vagaries of Alliance
electoral arrangements.

Mr Steel said he would
work with whichever leader
was chosen. But he said of the
Social Democrats: “ I hope
that they resolve that matter
sooner rather than later.'*

He also urged that agree-
, mont be reached on the allo-
cation of the remaining 200
parliamentary scats before the

run up to local elections in
May.

Mr Jenkins did not betray
any fatigue despite the strains
of Thursday night’s poll and
the celebrations which
followed.

He was anxious to show the
result was based on Social
Democratic policy in the face
of charges from the main
parlies that the SDP lacked a
programme. He said he
could not recall a campaign
which had been based more
on policy.

“FTillhead underlined our
claim that the Alliance had a
unique appeal across the
classes, and across the occupa-
tions. an appeal which draws
the nation together rather
than tearing it apart.”

following level of offtake: Shell

Dry and sunny. Frost and fog
early and late. Warm. Max
16C (61F).

! Outlook: . Colder .with eutiny

WORLDWIDE

b/d: Mobil— 220.000 b/d: Agip 3 ^

—150,000 b/d: Elf— 80.000 b/d: intervals and showers.

and Texaco — 30,000 b/d. WORLDWIDE

Quentin Peels adds: Nigeria 7 : a77\ y- d '

is facing heavy pressure on its m.ddivl midday

foreign reserves because of the *c -F; »c «f

slump in oil production, with a *| ,ceio ® 11 J- Anq.t r n 52

trai4*» (■ jn nwi.ittht Alters C 15 59 Lu*mbg. 5 14 57

trade deficit in recent months

i. ouc UCUU, »t i w.ik tinmens Amadm. S 1* 57, Luxor S 23 73

running at some SOOOm a month. Athen« f io 50 , Madrid c 10 50

The Central Bank has ordered a****" c 22 72. Majorca R 9 e

a temporary halt to further | SJJSj*

import order*; by stopping the Belfast s to sftM'chstr.

processing of foreign exchange
applications. pending a 5 ?rlin

reassessment of foreign

exchange commitments BiAekoi

A senior direcror of the hank Bori*.
confirmed this week that foreign ®° u| 3"-

B*&rd. S 13 55! Molbne. — —

Berlin S 13 55 Mx C t — •—

Biarnu S 15 5fl Mis rat F 23 68

Bmghm. S 15 59 Mittn S 15 53

Biaekpl. S 9 4B MomH.t R 3 37

Bordx. S 13 59 Moscow C 2 35

Boulon. S 14 57. MumcH S 13 55

reserves fell to 52.8hfl at the i | \\ a nbp^' I tI Is

end of February, compared [ Budpst. s 15 59 ! Nassau — —

with more than $9bn a year Cairo

• Nwtisl. S 14 57

14 57. N Yorict Fq 7 45

18 54 Nice S 15 59

. . . _ _ _ ‘ Cas b'ca S 18 64 Nice S 15 59

C^pa T. F 22 72 Httosw S 15 58
Ch-cq.t C -2 28 Oporto S 17 63

# " "W r /invri Cotogne 5 15 59r Oslo S 10 50

Company cars continued from Page X. l S g JSS I 2 S

„ A * . Denver* F -1 '30,P«3u4 S 13 55

. ... . . .. , „ ™ v . , Dublin S 11 51 Reykrvk. C 1 34

peeled, it is to reduce the tax gam elsewhere. The proposed gests that people involved in Dbnmk. s 13 55[flnodes s 13 55

Continued from Page 1

free allowances paid to British changes arise through the in- lengthy but unsuccessful lax 6dnb o h - s 13 55,RioJ'ot — —

mTAiAh ptoti/WA/f Irt Wdcf Har. rroinc nn lifiitatiAH — : a.L4 t . FjfO S — « ROfltt S 15 S9

Right to the end Sir Kenneth soldiere stationed In West Ger- dexation of capital gains on litigation might have to pay s u I?

_ I- v •- ... I iMArtir Kir hnriTTQfln in nrtH 07 naF MCatc nno vaqp nifi A h kii*k HU I T 1 r w l iT. . ’ a '

defended the record of his men. many by between 10 and 27 per assets after one year.

It will probably never be knpwn cent, phased over -the next nine • Bed and breakfasting could tax due.

much higher interest bills on Frankh. s w 57 - s PdBoot — —

Funchal C 18-84' S. Moritz — —

whether this was simply loyalty months.

to hir. subordinates or whether
he allowed the importance of

then be a disadvantage because A feature certain to arouse I £® n<?WJ * n 52 — —

.... i j > .« . ... S Id 57. S PBMr — —

A series of other impending the share would not be eligible controversy as the bill nro- *

.. *1 .L, T2,-|l ,,nlil ... ..... ...J. »k.. 1. 1I_ . . r ?

GibtaJur S 14 57- S‘*«B«t — —
Glasaow S 10 33< SlckHm. S 10 50

tax Changes in- the Finance Bill, for indexation until one year ceeds through Parliament is a G rn» e y s 12 54 ‘Sjrasbg'. s u 57

oeftin* results to cloud his published yesterday, which sets after the transaction.

r . ^ . .... —rii .«» in rioMil the fjiiBwmpnt's flihpr i*hsn?M Hiv

ill dement Either way. it will out in detail the Government’s Other changes disclosed in Inland Revenue to regard

ilUUfU . V., , C...I nr nnnminnori Ihn Hill inrinH. a-ltarati ni^c in mnnav uihinh I. h.j ..... • J

clause which would enable the J Hata*«fci s 11 52. Sydney — —

H. Kong C 19 ft TwigiBr

hav? been anOthe- useful lesson fiscal proposals as announced the Bill include alterations in money which it had overpaid iiW,,

j.n.ir ul,t - ... •_ .. ^ J . »,v .rltni.lrfrorlnn mo nlii i. .. . _ ... .

Innsbrt. F 12 54 Tel Aviv R 11 52

which may yet stand him in

St thf A Home ^^SecretarV dirges Effecting’ the" bed' and Revenue even if tax Inspectors: assessed for" fax” was earned I | ^ S'SSca c IS

armouncine pSnT to give the breakfast facility for shares— rather than tax payers, are at income! i. Mm? s 20 Sivemim s is

new “Stop ^nd search” an arrangement by which shares fault. It could then, in theory, levy bon s is uvimn s u

Sin f “f showing a loss on the purchase One advantage for taxpayers the 15 per cent unearned tS3T I’ u SSST* S 11

S^hP enhMced^authoritv will- price are .sold and bought back is a new facility allowing late income surcharge on Mhe TlJJ *

V Shi mare TjiwrtLnt 'in Sir the next day. the resulting loss applications for postponement excess money it had paid out

■ . being used to offset a capital of tax. But another clause sug- in error. t ^cmt

in the Budget
The Bill indicates

tax administration, mainly to by mistake as unearned income

II 54i Tenant* 3 20 68
9 48. Tokyo S 11 52

the advantage of the Inland (even if the original amount 3 8 asfioniot f -i m

Jo'burg 0 26 79 Valsncia C 10 50
l. Rims 5 23 68: V since S 15 59

Lisbon S la 59 Viwina S U 57

Locnmo S 11 55 War*** C 7 45

London S 14 57igurich S 11 52

leijwvk /
a batik. I

f.

tjssf^SSSssaiJ

THE LEX COLUMN

Jagged edges at

CHINA VESTERDAV rebuffed
the Soviet Union’s attempts
to thaw hostile relations
between the two Communist
states.

The Chinese Foreign
Ministry, in a statement to
foreign journalists. said
China noted the remarks
made by President Leonid
Brezhnev of the Soviet Union,
in Tashkent on Wednesday,
hot firmly rejected attacks on
China contained in them.

The statement made is clear
that China finds it difficult to
accommodate Moscow’s peaee
proposals while the two
countries find themselves in
disagreement oh inter-
national issues.

Tn Sino-Soriet relations
and international affairs, what
we attach importance to are

the actual deeds of the Soviet
Union." Ir said.

In his Tashkent speech Mr
Brezhnev said the Soviet
Union had never considered
the hostility and estrange-
ment between the two
countries as normal.

China's rejection of the
Soviet initiative has surprised
diplomats who see it as in-
dicative of Pelting’s deter-
mination to make it clear it
has no Intention of indulging
In a erode game .of inter-
national relations by playing
Moscow off . against Washing-
ton.

Moscow’s peace Initiative
began in September when it
suggested the two resume
border negotiations. It co-
incided with a chill in Sino-
U-S. relations over Washing-
ton’s decision to continue
selling arms to Taiwan.

Mr Brezhnev's Tashkent
speech sought to play on this
dispute when he reaffirmed
Moscow's recognition of
Chinese sovereignty over
Taiwan.

“Despite the fact that we
cpenlv criticised and continue
to criticise many aspects of
the policy — especially the
foreign policy— cf the Chinese
leadership as being at vari-
ance with Socialist principles

Metal Box has been - badly
caught out by market trends
twice in as many years. The
onset of recession in the spring
of 19S0 left it with bullish fore-
casts hanging round its knees.
Yesterday it admitted it had
been over-optimistic about the
extern of economic recovery
and announced further closures.
This second round of ration-
alisation is altogether more
serious than the first, which
was heavily biased to achieving
lower manning Levels. Whole
factories are now being chop-
ped out, in the kind of response
to lower demand that some
other companies were adopting
a year ago.

The extent to which Mclai
Box has been caught out is
underlined by hs derision in
November to increase its
interim dividend, even though
net .debt was pushing above 30
per cent' of equity and the pay-

- ; '' ■■■■ dangei^usiy dose; lo : saw.

'll *. re*? 7 Soulh Africa's finance minisirv
Index tell U. to 33/./ h3S ^ link* Good direr to
i - i. i i , i — ■■■ aiurihuti' and I his year's

. budget ha« made its appearance
rag ■' ■ ■* ■■■ — n - in two pans,

n" ' iai-w** 9* 7 Taken together, they coru.ii-

H tutc a severe dose of added dr-

" I A m - ~ fl.ition for an economy, already

travelling towards .zero growth.
320-.- iyV I [w‘ m " The first tranche, which wa&
‘ f 1 unveiled six weeks ago. high-

. 71 r • lighted the monetary iiraiesiy

B f || Official controls over lending

300 ~ JU 1 I were relaxed., allowing prime

if* FT. j / rales to drift up to 2d per cent

|yiCT^WEs‘--lr*“ 1 and a -10 per cent ’wreharae

f 4 |j- • If ' was - slapped on import*.

ao fcuADpl — : r - . This week, the -boot was on

the fiscal fool. Senator Hor-
INDEX-f — — — wood increased, the tax burden

» ori. both the private and cor-

260 * 1 * ^ ‘ ‘Va' - 1 1 porate 'sector, bul his most

- • 82 ■ | stringent measure was a sharp

reduction in the • real level of

deserving of censure.” How- 1 U

.FALL-

SHARE

[-INDEX-

FL'i VVm Ul UH* dUU Hir Uctr- A .. At . IV1 c L.,: n , f .j,- . i_ _ 4 •uvm.o^ . i.t • m*.

out was nowhere near covered j® for several year?, and

by current cost earnings. Metal ‘ l Si is P ilched an inflation

Box now expects extraordinary seruie rote running at around 14 per

items to exceed last year’s ' "JSfHSr S5& iiiawf « lhi cent. It shqtflW, hold thw net

figure of £2 I'm. and prospective 2H5 Iff" * U [JJ budget . deficit jo R2.3Sbn, less

pre-tax profits of less than£40m rt ™ B ?- , r than 3 per ctn* of GDP.

will be whittled down by the roSmbl k JLnfl Tin* collapse' in the price nf

high tax charge on overseas g?™"- l °Zvf and ollwr m ^ or «*«■

profits. So there will almost K modiues. has greatly resi ruled

OW Uiciv will diiwist defensible " h^havinur hv
certainly be an attributable loss PaM« r and some r^non^huiii ,he government’s option.-
for the year to March and even rt s ?r! n n,ii P n» r Vi Revenue from gold mines is ev-

»fi e r a property revaluation the S^„ Pa " ’ Peeled to yield only 119mm tn

balance sheet . will look • ihc current year, a quarter of

stretched. With an eye on the “Jf 1 ,. , e „ p ^. I } cipa | Jie,s off the tax received in the peak-
likely direction of the final .°?T5 J«r of I9BM1.' .

dividend, the shares fell I4p . !° r f!L uc l ? I .‘l al 1 ' This has appnrenlly been ral-

yesterday to lBOp. relevant deals -which n says on conservative assump-

Even aggressively slimmed/ '2 ok .,? ‘2 Cc J! 1 . ,«^ se market irons, probably on a gold pner
down engineering companies ^hwid be rciersed. , of just under S3U0, and there

like Lucas and GKN arc finding

the going lough. And coming .. At •

after Turner & Newall's sorry mnV?;. a , riv c t', 1 fV *5 For the corporate sector, the

results, the Metal Box P 3in J «“. m uros was briefly act- budget will mean an even more

announcement further trader- for him, but he Then ajyears dramatic downturn in earnings
mines expectations of sub- „ Ed . l * a ^‘ Ce i ^. rins this year. The increase in

stant Lai recovery m company ® Baains corporation taxes alone leaves

profits and dividends on the wcrchaal hankera begre he rej industrial companies needing a

back of lower costs. iSUSSS™ Ji 7 per cpnt incrpase at tlre P rc '

Amencn International, which is rax ] e vel in order to maintain

ACC lttlc ^ now P in th 5,J° n ^ n net earnings. Gfid and diamond

corporate h nance Tte - mines, already struggling, arc

The Takeover Panel has Panel now says that had any hit b> - an additional 10 per cent

found that Mr Robert Holmes advisers been retained at the- , ax s Urchar «c.

a Court, having already been in 'be breaches would no 77 ^ downiflrt) in the Smith

the process of trying to take « have been avoided. It A f ric an economy began lo bite
over ACC for nearly two underlines the importance of onJy towards Ihc end of last
months, ordered the Australian securing professional advice in y^ ar ant j will be measured by
stockbrokers Potter Partners to “what as always liable . to be- the performance of companies
make suhstan^J purchases of eome a complex -si tuai ion. But v jjh March year ends. But 1 lie
ACC shares in the first week of ? n tbe basis of this judgment Jt S t oc i; market has already dis-
March. These purchases were l° n counted a steep fall in eaniings

in clear breach of the most forCTgners as thongh failure to a f fex three jiounleous years,
baric prorisions of the Take- hire London adusers could The Johannesburg industrial

For a protracted [period. Mr a rcaS0 nable chance of

Holmes .1 Court failed lo secure hiliiag 1he larKei .

For the corporate sector, the
budget will mean an even more

back of lower costs.

ACC

basic provisions of the Take- nire ~° n " 0 ^ advisers coo
over Code — and the Panel might excu5e breaches of the rules,
have added, but did not — r. » r_ •

Mr Holmes S Court, a lawyer ciOlltn AlTlCa

by training, had many weeks Finance Ministers generally by twice that. The fall has
to acquaint himself with the prefer . to announce vote- left the - market on a very
rules. There was a “culpable catching news with a flourish tempting yield base hut. as De
failure" to meet the require- and let the painful medicine Beers demonstrated earlier this
raents of the Code, and the seep out drop by drop. With month. South African dividends
breaches are said to be the gold price still hovering arc by no means inviolate.

index has fallen roughly 20 per
cent from its January peak and
the Gold Mines index is down

“When building is the object
of capital investment, you
need more than a simple
builder:

You need Bovis.

In no other area are the
unique benefits of the Bovis
Fee System better
demonstrated, or more
valued:

We’d begin withacomplcce
feasibility study, covering
every detail of the proposal
from buildabilirv to viability.

An d then - if i t goes ahead -
you’d enjoy the reality:

The earliest possible
completion date.

Optimal value for money
(because under the Bovis Fee
System - and no other - its in
the interests of borh Client
Mid builder to keep- costs
down).

And, flowing from the very
nature of the building defined
by our study, you can rely on
the besr possible yield.

*

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&

feasibility

STUDY

For a turther study of Fee,
please call Bernard Hodgson,
Marketing & Sales Director,
Bovis Construction Limited,
Bows House, Northolt Road,
Harrow. Middx. HA2 OEE
Tel: 01-4223488.

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Bbvis § :

: C^Tstr uaj«;»n On uted " ; •

Operating theices^erti of huildin^.

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R ear od u ct inn ol thj con inn t, oi Piis nsw^annor

Kenneth’s new job.

R*qi»»9r»ri 01 Ihn p«m ' Prinl0d"bw' ,l, S| r '"ciomfon'ra "pin 1 .. J 2 ,,Dr ^ ^

Bracken House, Cannon Siren.. London EC4P JBY V ' ^'WiRhart by FmLel.l -t»m« U*

" O Din. Fln«ncu|. 'Rnwj. .ttd.. I s ®

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